Housing Market “picks up”

The Council of Mortgage Lenders (CML) says the UK housing market is picking up, following on from a quiet Spring,  homeowners took out 49,000 loans in May that is up from the previous month and  the highest number since December last year.

Paul Smee, Director General of the CML said “House lending  in May was slightly up on the previous month, suggesting the market might be waking up after a subdued first quarter, however, lending levels were still lower than they were a year ago”.

Figures from the Office of National Statistics (ONS) showed annual UK house price inflation rose to 5.7% in May, up from 5.5% in April.

David Orr, Chief Executive of the National Housing Federation responding to the May House Price Index said,“These figures show that the housing crisis is alive and well. Fuelled by consistent failure to build enough homes, the price of becoming a homeowner continues to soar beyond the reach of ordinary people. What’s more, the pace of growth is accelerating.

 

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

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