Lack of finance still hampering property market recovery in UK

[Nicholas Wallwork]

Property lending in the UK is increasing but it is still at historically low levels and a major hindrance to a recovery in the real estate market, experts claim.

The latest figures from the Council of Mortgage Lenders, which represents 98% of residential lenders, show that gross mortgage lending in June was 17% higher in June. But this is still nearly half what it was a year ago.

Some £12.3 billion was lent in June compared with £10.5 billion in May. The report also shows that total gross lending in the second quarter of 2009 was £33.3 billion, unchanged from the previous quarter. Both quarters in 2009 have shown the lowest amount of mortgage lending since the first quarter of 2001.

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