Bank Lending In Mortgage Market 'has Improved'

An expert has said bank lending in the mortgage market has improved.

Bank lending terms for mortgages and home credit packages have improved significantly over the previous few months, an expert has said.

According to Stuart Law, chief executive officer of Assetz, the main improvements in the lending market have been seen on homebuyer mortgage options, which may suggest that products such as tracker mortgage deals are becoming more and more popular again following the global economic downturn.

Mr Law was speaking after the publication of data from the Council of Mortgage Lenders (CML), which stated recently (August 19th) that gross lending for home credit packages in the UK was up five per cent from 12.9 billion in June to 13.6 billion one month later.

This, the CML concluded, means that the market as a whole is likely to meet its targeted figure of 140 billion worth of loans throughout the duration of 2010.

Mr Law commented: "We saw that the loan-to-values continued to improve and the loan interest rates continued to improve. The jump that the CML has reported in lending was quite substantial and it is the first proper set of data since the election."

He went on to say that any previous data released was too close to the May 6th election and was therefore probably not a true and accurate reflection of exactly what was going on in the country's mortgage sector.

"What we are seeing is a continued [and] moderate firming up in the market," Mr Law added.

Meanwhile, a recent report conducted by Zoopla.co.uk stated that around one third - 32 per cent - of all properties on the market for sale in Britain today have had their asking price reduced at least once since they were first listed.

Also, there has been an average price drop of 6.1 per cent for all residential properties that have been discounted.

by: Sam Gooch

POST COMMENT

How to Increase Traffic To Your Website Using Organic SEO Marketing Different Ways To Increase Profits Common Challenges In Cosmetic Dental Marketing Explored Four Ways to Find the Right Email Marketing Solution for Your Sales Team Leave The Burden Of Going To Market Share Market Tips Provider Marketing With Press Releases How To Know 3 Things All Affiliate Marketers Need To Survive Online Why Using A Seo Marketing Software Makes Sense Should You Opt Out Of The Stock Market? Market Watch From Pennytobuck.com - Asx, Aet, Crwe, Cnp New Report Global Dental Consumables Market Published By MarketsandMarkets New Report Global Dental Devices and Consumables Market (2010 - 2015) Published By MarketsandMarkets