Gross lending for November 3% up on previous month
The Council of Mortgage Lenders (CML) yesterday published new housing market forecasts. Market commentary: 2017 and 2018 forecasts
Reported gross lending of £21 billion in November, that is up by an estimated 3% on October, and 3% up on a year ago.
Commenting on market conditions and prospects, CML director general Paul Smee said: “Overall, the mortgage market remains resilient but is likely to plateau rather than grow much for the next couple of years. Gross lending is likely to hover around the £250 billion mark in 2016, 2017 and 2018. Property transactions look set to drift down slightly, although we do not expect house prices to fall, and net lending seems unlikely to get above £30 billion next year.
“The housing market is relatively well insulated from direct Brexit effects as most activity is driven domestically, but it is not immune from more generalised economic uncertainty. And we expect any modest strengthening in home-owner lending to be rather offset by a less active house purchase market in buy-to-let, as both tax and regulatory changes bite on landlords”.
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