It's anyones guess...

Posted on 11 August 2010 by Drew

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Another great example of the never ending contradictions that are house price and mortgage reports.

Mortgage lending for house purchases picked up sharply in June, reaching its highest level since November 2009, a time when house prices appeared to be rising strongly.

The Council of Mortgage lenders said the number of first-time buyers – many of whom have seen house buying hopes frustrated by the need to raise 25 per cent of the purchase price in cash – also rose. Loans to first-time buyers climbed 20 per cent in June from May to 19,400. Overall, mortgage lending rose by 19 per cent from levels in May to 52,000 loans.

It's anyone guess really, isn't it?

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