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UK mortgage lending increases

UK mortgage lending in July rose 26% to £16 billion from £12.7 billion in June. While this is a useful increase in mortgage lending we are entering the quieter period towards the end of 2009 and the Council of Mortgage Lenders (CML) has warned analysts and experts that mortgage lending will come under more pressure in the latter part of 2009. However, it is worthwhile pointing out that mortgage lending is still down 36% on the same period last year and the direction of the market is still proving very difficult to forecast.

Even though UK property prices have been rising over the last few months it is highly likely that a consolidation period will begin in the latter part of 2009 and there are unlikely to be significant increases in UK house prices during that period. We may see a short-term fillip in the UK economy in 2010 as we approach the next general election because ultimately the government will want to paint a picture of a buoyant economy as voters go to the polls.

Even though mortgage lending in the UK has increased markedly over the last few months it is worth remembering that this rise is from a very low base after the implosion suffered during the UK recession.

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