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Housing market stabilises

Published: 12/08/2009 by Comments

Despite the doom and gloom of the recession, there is some signs of recovery, however modest. The Council of Mortgage Lenders has announced that home loans shot up by 23% in June this year, from 36,500 in May.

Mortgages for first time buyers also saw an increase during June, growing from 13,700 to 17,200. The current first-time deposit required seems to have stabilised at 25% since February, which is good news for the industry but still bad news for those who are scrimping and saving to get their own property.

However, despite the promising figures, the industry is weak in comparison to previous years. House prices are still down, although there are tentative signs of recovery - first time buyers borrowed more in June than previous months, borrowing 3.8 times their annual income against 2.74 in May.

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