The total amount of money loaned out to prospective buyers was up five per cent during July 2010, the Council of Mortgage Lenders (CML) has announced.

During the previous month, £13.6 billion was provided to those looking to buy a property in the UK, marking an increase on the £12.9 billion that was provided during June.

Although this sum is three per cent less than the £14 billion loaned during July 2009, it still puts the market on target to achieve the £140 billion in loans the CML predicted would be handed out during this year.

CML economist Paul Samter said: "The rest of 2010 is likely to see rather lower lending and transaction numbers compared to the same period last year."

The news of an increase in lending comes despite the statement from mortgage specialist Ray Boulger at John Charcol that it is currently very difficult for first time buyers to get the amount needed for a deposit.

Written by Fiona Mayers

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