… But CML claims lending is on the rise

The Council of Mortgage Lenders (CML) said lending has started to pick up again after the number of home loans for house buyers rose by 4 per cent in May. In year on year figures this is still 28 per cent lower than a year ago. The CML said that nearly three-quarters of new mortgage are being taken out at fixed rates, the highest proportion since August 2007, and movers typically borrow 67 per cent of the value of the property. First-time buyers still need an average deposit of 25 per cent, and figures indicate that 80 per cent of first-time buyers under the age of 30 were receiving financial help from their parents.