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Quiet summer forecast for UK property market

Date : (News Section: United Kingdom)

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Quiet summer forecast for UK property market

The UK property market is forecast to have a quiet summer, as bank lending remains subdued and the country's economic forecast is uncertain.

According to the Council of Mortgage Lenders (CML), there was a slight increase in mortgage lending in April, although this was twinned with a decline in property purchase approvals.

The firm explained that there were 40,900 loans, worth £5.9 billion, advanced for house purchase in April, up from 37,900, worth £5.5 billion, in March and down from 41,900, worth £6 billion, a year earlier.

Michael Coogan, CML director general, commented on the news, stating that overall the market continues on a stable footing and the increase in house purchase lending is a good sign that the stability will continue throughout 2011.

"The economic outlook, coupled with Bank of England subdued approvals data for April, suggests a muted summer for mortgage completions so we do not expect further increases in lending over the coming months," he added.

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Article by +Steve Binge on behalf of Propertyshowrooms.com

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