Housing market still very weak-CML

CML figures show 56,000 mortgages worth £8.4bn for house purchase were advanced in July, up from 52,000 in June and 53,000 for the same period of 2009. However, July is traditionally a strong month and, despite the seasonal increase in activity, the CML said the volumes still represented a very weak market. Remortgage loans were unchanged from June at 28,000 worth £3.5bn, down from 40,000 worth £4.9bn in July 2009. Loans to first-time buyers declined slightly in July to 19,400 worth £2.4bn compared to 19,700 loans in June and 21,100 in July last year. The CML says the fall could...