Royal Institution of Chartered Surveyors Comment on CML Mortgage Lending Figures

25th June 2007

Commenting on CML mortgage lending figures, Oliver Gilmartin, RICS senior economist said:

"Although lending on property for sale has edged up on the previous month the early summer always sees an increase in property transaction activity, meaning we should not read too much into the monthly change. However, house buyers should be cautious about borrowing record volumes at a time when borrowing costs for both fixed and variable rate mortgages are likely to rise further. The current squeeze on disposable incomes will continue, making affordability levels deteriorate even further. Recent indicators confirm that the housing market is cooling with the Autumn and Christmas period likely to see more sluggish levels of activity, leading to an easing in price gains."

Contact Information:
Stephen Thornton
Press Officer
RICS Corporate Communications
T: +44 020 7695 1682
M: +44 07969 177150