UK mortgage lending hits 6-month high
UK gross mortgage lending rose to a six-month high in June, but was still just more than half the amount seen in June last year. The Council of Mortgage Lenders believe the usual early summer pickup in housing market activity is a significant factor as to why the lending rose as high as it did in June. Gross mortgage lending, includes both lending for house purchase and re-mortgage, rose to an estimated GBP12.3billion in June from GBP 10.5 billion in May.
Mortgage lending numbers are up but the restricted nature of mortgage funding, reduced number of active lenders, a weak labour market and limited consumer demand are all likely to hold back significant improvement. The forecast for 2009 mortgage lending is GBP145 billion, a major decrease from last year's GBP259.7 billion.
The UK mortgage predictions have the sterling currency exchange rate at EUR1.1599 and USD1.6516.
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