Housing market is still far from ‘unsustainable boom’ conditions

The housing market is "as expected showing signs of a modest recovery" says the Council of Mortgage Lenders, as the latest gross lending estimates show a fairly static picture through May.

"Many local markets actually have a stronger correlation with a region other than the one in which they are physically located," says Savills' Neal Hudson, as he re-draws the UK property market map.

"Buyers are ready" says Douglas & Gordon as the estate agency reports a 50% year-on-year jump in the number of new applicants, but vendors are playing it very cool, with 33% fewer new instructions in June…