Lending for house purchase 'increases'

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Lending for house purchase increased between April and May this year, according to new research.

The study by the Council of Mortgage Lenders (CML) found that the value of loans to buy properties rose by two per cent to £7.9 billion over the time period, while the number of products taken out also increased by four per cent.

It was also found that fixed rate deals increased in popularity during May, while the number of deals given to first time buyers also rose.

Michael Coogan, director-general of the CML, said: "The growing popularity of fixed-rate mortgages, despite the relatively high rates, suggests that many borrowers are prioritising certainty in their monthly payments.

However, he added that lending levels continued to be lower than last year.

Previous research by the CML found that gross lending in the UK during May totalled £25.5 billion.

It was found that the figure was 19 per cent lower than at the same point last year.

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