U.K. Mortgage Lending Rises In June

(RTTNews) - British house purchase lending increased significantly in June, the Council of Mortgage Lenders said Wednesday.

There were 52,000 loans advanced, up 19% in volume and 23% in value from May. From a year ago, the volume increased 14% and value rose by 27%. Lending increased for the twelfth consecutive month on an annual basis.
Lending for remortgage also increased, though only modestly, in June. There were 27,000 loans for remortgage, worth GBP 3.4 billion, up from 26,000 in May 2010, but down from 34,000 in June 2009.
For the second quarter as a whole, there were 136,000 house purchaseloans, worth GBP 19.7 billion. This is 20% higher by volume and value than the first quarter. Compared to the previous year, the volume increased 17% and value by 30%.
For remortgaging, the second quarter saw 77,000 loans worth GBP 9.6 billion, up 2% by volume, with no change in value, from the first quarter. But in stark contrast to house purchase lending, the figure was down 20% by volume and 19% by value from the second quarter of 2009.
There were 52,200 loans worth GBP 6.2 billion to first-time buyers from April to June and 85,300 home mover loans worth GBP 13.5 billion.