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November second highest lending figures so far, says CML

November has seen the second highest lending figures so far, according to the Council of Mortgage Lenders.

Gross mortgage lending rose by 5 per cent to an estimated 28.5bn in November, the second highest monthly lending figure on record.

This is 1 per cent lower than the 28.9bn of lending in July 2004 and 30 per cent more than the 21.7bn of lending last November.

The CML says lending is usually slower towards the end of the year so this is indicating a robust underlying picture of the market.

CML director general Michael Coogan says: “The housing and mortgage markets have clearly strengthened significantly from the lows of a year ago. There have been upward trends in gross mortgage lending and approvals, and more stable house prices in recent months.

“While it could be tempting to assume this strengthening will continue, our expectation for the coming year is of relatively subdued transactions levels, mortgage lending moderating a little from recent levels, and house prices rising by about 2 per cent. Affordability pressures will persist for first-time buyers and aspirational house-moving is likely to appear unattractive compared to home improvement.”

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