The housing market slowdown appears to be coming to a halt as mortgage lending picks up pace.
A total of 121,464 mortgages were issued in May, with mortgage lending growing by 2.9% on the year. Low consumer confidence and a reluctance or inability to make large purchases has seen house prices limited, with an expected rise of just 2% this year. While this is not a huge increase, it is certainly a recovery from earlier figures which showed a drop in prices.
For more on the recovery of mortgage lending, visit The Telegraph website.