UK property market shows strong growth

The state of the UK property market appears promising for individuals looking to buy or sell a property, as people appear to be more willing to take out a mortgage at the present time.

Research from the British Bankers’ Association shows that net mortgage lending rose by an underlying £5.7 billion in May 2006.

This is an increase from the £5.1 billion rise measured in April and also from the average rise noted over the past six months, which was also £5.1 billion.

Overall, total sterling lending in the UK private property sector increased by £12.4 billion, reaching a total level of £1,212 billion.

The payment of personal deposits increased by £1.8 billion last month, compared to an average rate of £3 billion for the preceding six months.

David Dooks, director of statistics for the BBA, said: “May’s rise in net mortgage lending, the largest monthly increase since the rise of £6 billion in April two years ago, shows the mortgage market to be very much alive at a time when annual house price growth is strengthening.”

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