This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
The UK housing market is beginning to stir from its slumber, according to new research from the Council of Mortgage Lenders.
Growth
Following a quiet period during the Spring months, the firm said that homeowners took out 49,000 loans during May. This was the largest number recorded since December of last year and is up from the 48,300 loans taken out during April.[1]
In addition, separate figures from the Office for National Statistics indicate that annual UK house price growth rose to 5.7% in May, rising from 5.5% in April.[1]
The report from the Office for National Statistics also indicated that lending levels remain lower than they were twelve months ago
‘House purchase lending in May was slightly up on the previous month, suggesting the market might be waking up after a subdued first quarter,’ commented Paul Smee, director general of the CML.[1]
UK house market stirring, says CML
Regional rises
Figures indicate that in the year to May, house prices in England increased by 5.8% and in Scotland they rose by 2.9%. Property prices in Wales also climbed, albeit by a smaller 2.5%.[1]
However, the largest increase was recorded in Northern Ireland, where property values climbed by 10.5%.[1]
[1] http://www.bbc.co.uk/news/business-33519370
