This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/8194768.stm
The article has changed 6 times. There is an RSS feed of changes available.
| Version 4 | Version 5 |
|---|---|
| Loans to homebuyers '23% higher' | Loans to homebuyers '23% higher' |
| (about 8 hours later) | |
| The number of mortgages for homebuyers granted in June rose by 23% compared with May, according to UK lenders. | The number of mortgages for homebuyers granted in June rose by 23% compared with May, according to UK lenders. |
| Some 45,000 home loans were granted for house purchases - just 6% lower than the same month the previous year, the Council of Mortgage Lenders (CML) said. | Some 45,000 home loans were granted for house purchases - just 6% lower than the same month the previous year, the Council of Mortgage Lenders (CML) said. |
| The group said the mortgage market had stabilised, although this was far from a return to the housing boom. | The group said the mortgage market had stabilised, although this was far from a return to the housing boom. |
| First-time buyers were still being squeezed, as they required an average deposit of 25% of a home's value. | First-time buyers were still being squeezed, as they required an average deposit of 25% of a home's value. |
| Low numbers | Low numbers |
| The CML figures showed that the number of loans granted in June to people buying a house was at its highest level since July last year, when the housing market was already entering the doldrums, and amounted to £5.9bn. | The CML figures showed that the number of loans granted in June to people buying a house was at its highest level since July last year, when the housing market was already entering the doldrums, and amounted to £5.9bn. |
| KEY FACTS 23%: Rise in mortgages for house purchases from May to June26%: Typical deposit in June28: Average age of a first-time buyer40: Average age of a home-mover Source: CML An estate agent's story House shortage 'props up prices' | KEY FACTS 23%: Rise in mortgages for house purchases from May to June26%: Typical deposit in June28: Average age of a first-time buyer40: Average age of a home-mover Source: CML An estate agent's story House shortage 'props up prices' |
| "Low interest rates and realistic selling prices have helped generate a welcome increase in transactions. But there is some way to go before we reach normal levels of activity," said CML economist Paul Samter. | "Low interest rates and realistic selling prices have helped generate a welcome increase in transactions. But there is some way to go before we reach normal levels of activity," said CML economist Paul Samter. |
| "There are tentative signs that lending criteria are easing, but remortgaging demand is likely to remain subdued whilst interest rates stay at current levels." | "There are tentative signs that lending criteria are easing, but remortgaging demand is likely to remain subdued whilst interest rates stay at current levels." |
| The average house purchase loan rose from £105,000 in March to £111,000 in June, signalling the recent increase in the typical house price. | The average house purchase loan rose from £105,000 in March to £111,000 in June, signalling the recent increase in the typical house price. |
| But there has been little change in the average deposit needed for these loans. This was 25% in March and 26% in June. | But there has been little change in the average deposit needed for these loans. This was 25% in March and 26% in June. |
| Getting on the ladder | Getting on the ladder |
| First-time buyers - who on average get onto the property ladder at the age of 28, according to the CML - were granted 17,200 loans in June, worth £1.9bn. This was up 26% on the number given out the previous month. | First-time buyers - who on average get onto the property ladder at the age of 28, according to the CML - were granted 17,200 loans in June, worth £1.9bn. This was up 26% on the number given out the previous month. |
| The figure was 7% lower than a year earlier, when the average first-time buyer put down a deposit of 13% compared with a deposit of 25% in June. | The figure was 7% lower than a year earlier, when the average first-time buyer put down a deposit of 13% compared with a deposit of 25% in June. |
| House prices have stabilised in recent months | |
| "If first-time buyers are coming back to the market, the market can move," said Ashley Brown, director of mortgage broker Moneysprite. | "If first-time buyers are coming back to the market, the market can move," said Ashley Brown, director of mortgage broker Moneysprite. |
| "There have clearly been some major withdrawals from the bank of Mum and Dad in recent months although when this source runs dry the number of first-time buyer loans could fall again, which will negatively impact the entire market." | "There have clearly been some major withdrawals from the bank of Mum and Dad in recent months although when this source runs dry the number of first-time buyer loans could fall again, which will negatively impact the entire market." |
| Home-movers had an average age of 40, the CML figures showed, consistent with the long-term average. | Home-movers had an average age of 40, the CML figures showed, consistent with the long-term average. |
| The number of loans for remortgaging increased by 13% from May to 34,000 loans in June, with lower interest rates "dampening" the demand for remortgaging, the CML said. | The number of loans for remortgaging increased by 13% from May to 34,000 loans in June, with lower interest rates "dampening" the demand for remortgaging, the CML said. |
| Fixed-rate deals were the most popular form of mortgage in the second quarter of the year, lenders said, making up 78% of new lending in June owing to greater availability. | Fixed-rate deals were the most popular form of mortgage in the second quarter of the year, lenders said, making up 78% of new lending in June owing to greater availability. |
| House prices | House prices |
| The value of properties in the UK rose again in June, according to the Department of Communities and Local Government (DCLG). | The value of properties in the UK rose again in June, according to the Department of Communities and Local Government (DCLG). |
| There was a rise of 1.6% between May and June, driven by the rise in value of bungalows (up 2.4%) and flats (up 2.2%). The average home was worth £191,423. | There was a rise of 1.6% between May and June, driven by the rise in value of bungalows (up 2.4%) and flats (up 2.2%). The average home was worth £191,423. |
| The less volatile three-month on three-month measure showed that UK prices rose by 2.6% in the quarter ending in June, compared with a fall of 3.8% the previous quarter. | The less volatile three-month on three-month measure showed that UK prices rose by 2.6% in the quarter ending in June, compared with a fall of 3.8% the previous quarter. |
| Prices paid by first-time buyers were 11.7% lower than a year ago, the department's survey found. | Prices paid by first-time buyers were 11.7% lower than a year ago, the department's survey found. |
| In the year to June, house prices fell by 23% in Northern Ireland, 12.2% in Wales, 10.7% in England, and 7.1% in Scotland. | In the year to June, house prices fell by 23% in Northern Ireland, 12.2% in Wales, 10.7% in England, and 7.1% in Scotland. |
| In the English regions, the price decreases ranged from an 11.5% drop in the South East and Yorkshire and the Humber, to an 8.6% fall in the West Midlands. | In the English regions, the price decreases ranged from an 11.5% drop in the South East and Yorkshire and the Humber, to an 8.6% fall in the West Midlands. |
| A survey by the Royal Institution of Chartered Surveyors (Rics) revealed that the shortage of homes for sale in the UK had propped up prices in July. | A survey by the Royal Institution of Chartered Surveyors (Rics) revealed that the shortage of homes for sale in the UK had propped up prices in July. |
| The latest survey found that 8% more surveyors expected prices to rise rather than fall further during the next three months. Meanwhile 29% more predicted sales levels would increase. | The latest survey found that 8% more surveyors expected prices to rise rather than fall further during the next three months. Meanwhile 29% more predicted sales levels would increase. |