Good news for those in the mortgage business since lending in the UK has risen by 9 percent for consecutive months in this year. According to a recent report by propertywire.com, "Gross mortgage lending in the UK reached £22 billion in July, and some 9 percent higher than June when it was £20.1 billion."
The figures reported by propertywire.com show that, "More than 90 percent of home lenders, also shows that it was 14 percent higher than July last year and the highest monthly figure since gross lending reached £23.6 billion in July 2008."
The rise in mortgage lending could be attributed to various reasons. According to a past report by thisismoney.co.uk, "The Bank of England said lenders approved 60,275 mortgages for house purchases last month, the first rise since June last year and up from 58,956 in November."
The lending situations in the past are always mired by different hurdles and now lenders are encouraged by new mortgage lending regulations. Fewer mortgages over the past months after the introduction of limits on high risk loans and tougher borrowing check are being experienced by lenders in the UK as stated in an earlier article by thisismoney.co.uk.
The lending activity is also fueled by economic conditions and if the economy is improving, it's stabilizing other factors as well. Today's data are in line with the forecast that gross lending will rise to £209 billion this year, 3 percent higher than in 2014 as stated in a previous report by propertywire.com.
However, it is not an assurance that it's smooth sailing from now on. House prices are still on an upward trajectory, which is doing nothing to take the sting out of entering the market for buyers as stated in a previous report by propertywire.com. However, consumers can be encouraged that more ways and measures will aid in lessening the impact of home values and interest rates. As propertywire.com reported, "Consumers will be encouraged to see the gateways are still open to getting a mortgage under the new regime."