It has not been an easy time for the UK’s housing industry in the last few years but there has been a suggestion that there is reason for optimism in the shape of a rise in mortgage lending. The Council of Mortgage Lenders has announced that there was an increase in gross mortgage lending by 4 per cent for April, when compared with the figures for March. This took the amount spent on this area to £12.1 billion for the month and it represented a huge increase of 21 per cent from April last year, though it is important to acknowledge the stamp duty concession that was ended at this time.
Encouragement can also be taken from the news that prices of houses in the UK are up by 2.7 per cent for the year up to March. The figures come from the Office for National Statistics and although there is cause for positivity it has been pointed out that the increase in English and Welsh prices have been offset to a certain extent by those in Scotland and Northern Ireland.
Foreign investments have been cited as a contributory factor in a 7.6 per cent increase in house prices in London for the 12 months up to and including March this year. The value of housing in England rose by 3 per cent for the corresponding period, while property prices in Wales are up by 1.2 per cent. In contrast, house prices are down by 2 per cent in Northern Ireland and 1.7 per cent in Scotland. These figures hint at recovery for the market but experts have indicated that the steps are still very gradual at this moment.