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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, href="http://www.cml.org.uk/cml/media/press/3051" >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. |
| href="http://www.rics.org/site/scripts/press_article.aspx?categoryID=509&pressReleaseID=649" >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. | 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, href="http://www.communities.gov.uk/documents/statistics/pdf/2005178.pdf" >the Department for Communities and Local Government (DCLG) said. | |
| 'Lacking direction' | 'Lacking direction' |
| House prices have remained relatively static in recent months, various surveys on the market have shown. | 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". | 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. | 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. | 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. | 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. | "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. | 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. |
| Predictions | |
| Prices have yet to show any signs of changing as a result of greater interest from buyers and sellers. | |
| "Talk of a recovery risks sounding rather premature. Average prices still have some way to go to regain the levels of a year ago," said Peter Maskell, director of the Sussex-based estate agents Brock Taylor. | |
| The DCLG survey showed that prices had fallen by 0.3% in Wales, were down 1.2% in England, dropped by 1.5% in Scotland, and were down by 4.3% in Northern Ireland compared with a year ago. | |
| Meanwhile, the Rics survey shows that a greater proportion of surveyors are expecting to see prices fall in the next three months than rise. | |
| The CML said that first-time buyers still needed to find a 20% deposit, on average, to secure a mortgage deal. |