Mortgages Peak During May
The Council of Mortgage
worth of mortgages were undertaken during May, this an 12 per
cent rise compared with May 2006.
Michael Coogan, CML director said: 'While today's lending figure
is a new record for the month of May, it does indicate that the
market is slowing down following the rapid and sustained growth
we saw last year.
Director of statistics David Dooks, at the BBA, commented: 'The
recent trend in mortgage lending has been downward, so the stronger
demand in May was somewhat surprising, particularly as it was
before the anticipated introduction of Home Information Packs,
which encouraged people to put their properties on to the market
in May and will tend to boost lending in June and July.'
Many building societies came across a steady start during summer
with new lending dropping by 17 per cent compared to 2006, leaving
advances during May slipping to £1.25bn.
Adrian Coles, Director-General of the BSA said: 'another rate
rise would add to the slowdown later in the year and into 2008.
However, a reasonably strong economic outlook, especially continuing
robust employment, should provide support to lending and property
Free Mortgage Enquiry