23 January 2012
Paul Hunt, managing director Phoebus Software said: “The annual increase in gross lending isn’t large enough to indicate the market is returning to the levels seen a few years ago, but it’s very encouraging nonetheless. In the second half of 2011, the eurozone crisis and the resulting rise in LIBOR could have caused lenders to retreat into their shells to weather possible defaults in Greece and beyond. But in fact lenders have demonstrated they are prepared to support the property market in the UK as far as is possible. On a seasonally adjusted basis, gross lending rose in seven of the last eight months, which last happened in 2009. 2012 will certainly offer major challenges to lenders hoping to expand their activities in the UK, but their efforts in the latter part of 2011 demonstrate they are well prepared to meet them”.