Mortgage lending up by £1bn
09 October 2007
Mortgage lending in the UK has risen by £1 billion in the last year, according to new figures.
Research by the Council of Mortgage Lenders (CML) found that the total of gross lending rose to £34 billion in the year to August 2007.
However, the figure was found to have dropped slightly on a month-by-month basis, as lending in July was recorded at £34.1 billion.
Meanwhile, lending habits were found to have changed significantly since August 2006, as the number of people buying homes or re-mortgaging their properties was found to have fallen.
The mortgage lending market was said to have been buoyed by the buy-to-let sector, which has performed strongly because of continued demand for rental accommodation.
Commenting on the figures, CML director general Michael Coogan warned that customers with poor credit histories could face more expensive mortgages.
He said: "Now is the time for consumers to look to improve their credit status to keep their borrowing costs as low as possible."
According to the Land Registry, the average price of property in the UK is now £182,914.