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| UK mortgage market shows signs of life, says CML | UK mortgage market shows signs of life, says CML |
| (40 minutes later) | |
| The mortgage market showed "welcome signs of life" in August, according to lenders, although it remained far from signalling a housing boom. | The mortgage market showed "welcome signs of life" in August, according to lenders, although it remained far from signalling a housing boom. |
| Some 52,000 home loans were advanced for house purchases, up 7% on July, the Council of Mortgage Lenders (CML) said. | Some 52,000 home loans were advanced for house purchases, up 7% on July, the Council of Mortgage Lenders (CML) said. |
| There was also a rise in the amount of remortgaging, the figures showed. | There was also a rise in the amount of remortgaging, the figures showed. |
| But the CML echoed a separate survey of surveyors claiming that the fears over UK and European economies were knocking confidence in the housing market. | But the CML echoed a separate survey of surveyors claiming that the fears over UK and European economies were knocking confidence in the housing market. |
| The Royal Institution of Chartered Surveyors (Rics) said that fewer homeowners were putting their properties up for sale owing to fragile consumer confidence. | The Royal Institution of Chartered Surveyors (Rics) said that fewer homeowners were putting their properties up for sale owing to fragile consumer confidence. |
| Meanwhile, UK house prices in August remained 1.3% lower in August compared with a year earlier, according to the government's own house price survey. | |
| Homes rose in value by 0.6% compared with July, with the average property valued at £208,476, the Department for Communities and Local Government (DCLG) said. | |
| 'Lacking direction' | |
| House prices have remained relatively static in recent months, various surveys on the market have shown. | |
| The Halifax last week described prices as "lacking genuine direction", while the Nationwide Building Society said prices were "treading water". | |
| However, there have been signs that sales funded by mortgage borrowing could pick up this autumn. | |
| The Bank of England recently said that mortgage approvals were at their highest monthly level since December 2009. | |
| Now, the CML has recorded a rise in the number of loans being taken out in August. | |
| "Even though it is impossible to ignore the knocks to confidence emanating from the eurozone, August lending showed welcome signs of life," said Paul Smee, director general of the CML. | |
| The number and value of remortgaging rose by more than 30% compared with a year earlier, as owners took advantage of the low mortgage rates on offer, the CML added. |