The trend in Mortgage lending is very much encouraging as the latest figures indicate a sharp rise of 23% in June. This is really a booster to the recession hit housing and property sector.
The number of loans disbursed is 45000 for the month of June as compared to 36500 in May. The quantum of loan disbursed also registered 26% increase as the figures touched 5.9 billion. These figures were released by The Council of Mortgage Lenders(CML).Paul Samter, renowned economist observed that the trend is encouraging as it is supported by reasonable prices.
As per the latest release from the Department of Communities and local government (DCLM) the price decline is showing improvement. The rate of decline is 10.7% for June compared to 12.7% for the previous month. The news which is most welcome is that the continuing decline in the construction activity in the real estate sector is showing some positive improvement as seen from the latest data available. The Chartered Institute of Purchasing and Supply reports the index balance is 47% the highest figure since March 2008. This clearly indicates the revival of construction activity. Taylor Wimpey reputed builder asserts that the conditions are good now and the losses are declining over the last six months.