Independent: David Prosser: The housing market is still in trouble

Nothing new here just confirmation again that sustainable recovery is going to have to mean house price falls as the funding just isn't there for anything like a return to the madness of 2007. "The report on lending trends published by the Bank of England on Thursday made that abundantly clear. Just to remind you, it warned there has been almost no increase in the number of mortgages available at higher loans-to-value, and that the cost of home loans is increasing.
No wonder that the Council of Mortgage Lenders' figures show that mortgage lending actually fell back in May compared to the previous month. That reflects lower remortgaging activity, but also the fact that what increases we have seen in mortgage approvals for home purchases recently have been exceptionally modest....."