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Mortgage boom in May

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  • Mortgage boom in May

    Hell - big boom in mortgage lending in May.

    However, have we seen the last big spurt in the property market for a while now?

    With the likelihood of interest rate rises later in the year, plus the traditionally quieter summer months coming up, I can't help but wonder if this isn't last minute buying before the bell tolls on house price inflation for the year.

    http://news.bbc.co.uk/1/hi/business/5097756.stm

    Gross mortgage lending reached £28.7bn in May, the second-highest monthly figure on record, according to the Council of Mortgage Lenders (CML).

    Lending was 18% higher than in April and nearly 30% higher than in May 2005.

    The CML said lending was buoyed by a strong London property market and consumer confidence.

    Meanwhile, figures from Building Society Association (BSA) and British Bankers' Association (BBA) also indicated May saw high lending levels.

    The BSA described May's mortgage market as "exceptionally strong", with the highest lending figure for any month since records began in May 1987.

    Likewise, the BBA said that mortgage lending was at its highest for more than two years.
    Interesting to see the London market generally powering this - I'd love to see the breakdown on a more regional basis as a booming London market could be covering some significant holes in the rest of the UK.

    Still, it's always worth noting that previously changes in the London markets have rippled out through the UK.

    So perhaps I'm quite wrong, and there's a new burst of growth waiting in the wings for the UK in general?
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