A Rise In Lending Signals A Brighter Outlook For The UK Housing Market

Date: Wednesday 22 July 2009

This week the Bank of England and the Council of Mortgage Lenders confirmed a rise in mortgage lending for house purchases, signalling a pick up in buyer activity.

According to the Council of Mortgage Lenders (CML) the total amount of UK mortgage lending rose last month to its highest level since December with a 17% increase in advances. The Bank of England and the CML expect lending levels to rise moderately throughout the summer months.

Kevin Belsham, sales and marketing director for Taylor Wimpey, comments: “Despite the tough economic conditions our visitor levels show that people are keen to buy but have been struggling to do so because of a lack of affordable mortgages. The news from the CML and the Bank of England this week is a welcome boost as it will open the door to a wider range of loans for buyers.

“We’re advising purchasers to be proactive when it comes to securing the best deal available. Those who are keen to get onto, or up, the property ladder need to be in a position to react quickly. They should research the local market and talk to mortgage lenders so that that they can have the pick of the deals. By buying new purchasers will also be able to secure their home at a guaranteed price with no danger that someone will come in with a higher offer.”

Taylor Wimpey, which builds new homes under the Bryant Homes, George Wimpey and Taylor Wimpey brands, is helping purchasers afford the home they want with a range of incentives and government backed schemes on selected properties at its developments across the region.