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Mortgage lending 'rose 7% in May'
Levels of mortgage lending in the UK rose by seven per cent throughout May, new research has revealed.
The study by the Council of Mortgage Lenders (CML) revealed that total lending reached an estimated £11.3 billion during the month, which was also ten per cent higher than figures from May 2009.
However, it is predicted that gross lending will undershoot the existing of £150 billion for 2010.
Paul Samter, economist at the CML, said that ground has been "cleared" for the upcoming emergency Budget to get public finances on a sustainable footing, but claimed that direct tax measures for the mortgage market are not expected.
Despite that, he added: "The market will inevitably be affected by how policy impacts on the wider economy - particularly on household finances and confidence."
Previous figures from the CML suggested that first-time buyers accounted for the lowest proportion of house purchase loans in the UK during April since September 2007.