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| Version 0 | Version 1 |
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| Mortgage lending rebounds by 4% | Mortgage lending rebounds by 4% |
| (5 months later) | |
| Mortgage lending reached an 11-month high in October, providing evidence that the housing market is finally picking up after a lull in recent months, according to the Council of Mortgage lenders. | Mortgage lending reached an 11-month high in October, providing evidence that the housing market is finally picking up after a lull in recent months, according to the Council of Mortgage lenders. |
| Gross mortgage lending rose to £12.9bn and was 4% higher than the same month in 2011, indicating that the government's Funding for Lending scheme, designed to boost lending to households and businesses, is at last having an effect, the CML said. | Gross mortgage lending rose to £12.9bn and was 4% higher than the same month in 2011, indicating that the government's Funding for Lending scheme, designed to boost lending to households and businesses, is at last having an effect, the CML said. |
| The latest figure marks a reversal of the sharp dip recorded in September 2012 when loans worth £11.4bn were advanced, compared to £12.9bn in August. | The latest figure marks a reversal of the sharp dip recorded in September 2012 when loans worth £11.4bn were advanced, compared to £12.9bn in August. |
| The Treasury and the Bank of England launched the £80bn Funding for Lending scheme at the start of August, and it has already resulted in an increase in the number of mortgages on the market – although many of the best deals so far have been aimed at people with larger deposits. | The Treasury and the Bank of England launched the £80bn Funding for Lending scheme at the start of August, and it has already resulted in an increase in the number of mortgages on the market – although many of the best deals so far have been aimed at people with larger deposits. |
| Dan McLeod, director of estate agent Atkinson McLeod, said: "Despite the apparent pick-up in October, the mortgage market today is little different to how it was 12 or 24 months ago. There is momentum and choice at lower loan-to-values, but higher LTV borrowers remain on extremely shaky ground. | Dan McLeod, director of estate agent Atkinson McLeod, said: "Despite the apparent pick-up in October, the mortgage market today is little different to how it was 12 or 24 months ago. There is momentum and choice at lower loan-to-values, but higher LTV borrowers remain on extremely shaky ground. |
| "The first question we ask any prospective purchaser is this: 'What's your deposit?' If they're above 85% LTV you know they face an uphill struggle from day one. | "The first question we ask any prospective purchaser is this: 'What's your deposit?' If they're above 85% LTV you know they face an uphill struggle from day one. |
| "Estate agents have to look after the interests of the seller, and buyers with a small deposit have an immediate question mark placed over them, irrespective of their earnings or affordability – 5% deposit? 10% deposit? Not today, thank you." | "Estate agents have to look after the interests of the seller, and buyers with a small deposit have an immediate question mark placed over them, irrespective of their earnings or affordability – 5% deposit? 10% deposit? Not today, thank you." |
| CML chief economist Bob Pannell said: "House purchase and remortgage activity both appear to have picked up recently, and this should be supported by an improvement in the availability and pricing of mortgages. | CML chief economist Bob Pannell said: "House purchase and remortgage activity both appear to have picked up recently, and this should be supported by an improvement in the availability and pricing of mortgages. |
| "The Funding for Lending scheme is likely to have made an early positive impact, helping to counter some of the negative pressures associated with a protracted and weak economic recovery." | "The Funding for Lending scheme is likely to have made an early positive impact, helping to counter some of the negative pressures associated with a protracted and weak economic recovery." |
| Howard Archer from IHS Global Insight sounded a more cautious note: "Any signs of a pick-up in housing market activity needs to be treated with considerable caution as, firstly, there have been previous false dawns recently and, secondly, housing market activity remains very low compared to long-term norms. Furthermore, there are still serious headwinds facing the housing market that are likely to limit the upside for activity and contain prices." | Howard Archer from IHS Global Insight sounded a more cautious note: "Any signs of a pick-up in housing market activity needs to be treated with considerable caution as, firstly, there have been previous false dawns recently and, secondly, housing market activity remains very low compared to long-term norms. Furthermore, there are still serious headwinds facing the housing market that are likely to limit the upside for activity and contain prices." |
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