Mortgage lending increased by five per cent in July, the Council of Mortgage Lenders (CML) has revealed.
Despite these positive results, year-on-year figures showed lending has fallen heavily over the last 12 months.
“While there was a small month-on-month increase in activity, it represented a notable decline from a year ago,” observed Bob Panell, head of research.
The CML found lending has fallen by almost a third (27 per cent) since July a year ago.
Mr Pannell said the latest figures point towards “the more subdued levels of lending we are likely to see in the second half of 2008″.
Customers with a set level of equity can take advantage of an ongoing mortgage price war between Alliance & Leicester and Abbey.
With prices falling, first-time buyers have to decide whether to make an offer or wait till the property market hits rock bottom.
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