Signs of a conveyancing revival?
Gross mortgage lending is at its highest level since November 2011, according to latest figures from the Council of Mortgage Lenders (CML).
Lending increased by 8 per cent month-on-month to £12.7bn in July 2012. This puts lending at its highest level since November when it stood at £13.2bn.
It also enjoyed a year-on-year increase of 2 per cent when compared against July 2011 (£12.5bn).
The figures have left industry experts optimistic. With a decrease in distractions, such as the Jubilee and London Olympics, and the introduction of the new government Funding for Lending scheme the mortgage market is expected to receive a solid push in the right direction.
The Funding for Lending scheme will see the government provide £80bn in cut price loans to banks and building societies. This will then be made available as mortgages for homeowners as well as loans for small businesses thus providing some much need competition to the market.
Content correct at time of publication