Mortgage spurt for May, although growth is slowing
In spite of recent reports with regards to growth slow down for the UK mortgage market, lending figures for the month of May we’re at an all time high.
Accordingly, almost 31 billion pounds was issued in new mortgages throughout the month of May, representing an increase of almost 6% faired against the same time last year. However, it is suggested that overall growth for Q1 2007 was considerably less than quarterly growth experienced throughout previous years.
A representative from the UK’s premier mortgage authority has stated that although figures for May were atypically high, they are also indicative of a market “cooling”, following on from the substantial growth that was experienced during 2006.
However, the society is extremely optimistic that there projected lending target for 07 would be met and that the UK mortgage market still has plenty of room for further growth.
