It has been a challenging year so far for lenders and housebuyers alike. The economy continues to stagnate and we as consumers do not have an abundance of money with which to buy our dream home.
A recovery of any kind, whether economic or in housing terms, is still arguably some way off.
However, the CML’s recent figures show there is a glimmer of hope. Lending bounced back in July by 8 per cent to the highest monthly level this year.
It might be too early to say that consumer confidence is definitely growing in this area but the signs are good.
In addition, the Bank of England’s Funding for Lending scheme, which started at the beginning of August, should provide a much-needed boost to mortgage lending.
Investing in property is a big commitment but we know that, unlike many other countries, we are a nation of homebuyers.
Having taken on the financial commitment of buying a property, it is just as important that we make sure we protect our income so that we can keep up with the payments.
It might seem like an unnecessary cost at the time but it is essential to safeguard your investment.
Hopefully, the level of lending and people remortgaging will continue to rise for the rest of the year.
There could be a dip in August due to the Olympics but I am optimistic that the market will continue to pick up over the coming months. Nothing is ever certain but as a result of targeted initiatives and other factors, the housing market looks like it could be reviving, which is good news all round.