Mortgage lending soars thanks to Help to Buy

Fri, 21 Feb 2014

Mortgage lending soars thanks to Help to Buy
Mortgage lending across the UK has rocketed by 33 per cent, which has been attributed to the Help to Buy scheme.

The Council of Mortgage Lenders (CML) revealed lending in January stood at approximately £15.5 billion - 33.3 per cent higher than the £11.6 billion in the same month last year.

CML chief economist Bob Pannell said: "Housing market indicators in the UK continue to be positive, although seasonal factors are likely to have affected activity levels. Monthly approvals for house purchasesaveraged 70,000 in the final quarter of 2013, the strongest for six years."

This news comes after the Bank of England announced lenders had approved the biggest number of mortgages in nearly six years in December, prompting belief that the housing market is starting to get back on its feet again.

However, the scheme has faced fierce criticism recently, as well as being accredited with fuelling a boost in the housebuilding industry.

Critics are concerned it is responsible for soaring house prices - meaning aspirant first-time buyers cannot afford the very properties the scheme was designed to help them purchase.
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