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Borrowers 'spending less of their income on mortgages'
Consumers in the UK are spending less of their income on their mortgages, new research from the Council of Mortgage Lenders (CML) has revealed.
The study found that borrowers who moved home in May saw their mortgage interest payments account for the lowest proportion of their income in 35 years, while house purchase lending also rose for the eleventh consecutive month.
First-time buyers accounted for more loans in the month, the research suggested, while remortgaging activity also rose slightly.
Michael Coogan, director general of the CML, said lending is recovering but suggested there will be less comparison to 2009 over the coming months.
"Activity picked up in the second half of 2009 due to the stamp duty holiday but with the government's austerity drive picking up momentum, we are unlikely to see a repeat of those buoyant numbers this year," he added.
The CML had previously stated that gross mortgage lending was up seven per cent in May in comparison to figures from April.