CML estimates Gross mortgage lending reached £18.9 billion in January

News releases yesterday 23rd February from the Council of Mortgage Lenders (CML) included Market commentary February2017 and press release with their estimate that gross mortgage lending reached £18.9 billion in January, up 2% compared to a year ago.

They stated: First-time buyer numbers continue to recover in 2016, but home mover numbers remain weak. Remortgage activity grew 14% over the course of last year, as competition, along with base rate cut and launch of the Term Funding Scheme, have kept mortgage rates at historic lows.

CML senior economist Mohammad Jamei said: “Overall mortgage lending continues to hold up pretty well, but we seem to have a twin-track market. Weakness in buy-to-let and home movers has been offset by an increase in first-time buyers and remortgage lending.

“A continuing acute shortage of homes being offered for sale is one aspect of a broken housing market, that looks unlikely to resolve in the near term”.

Read both the CML Market commentary February2017 in full click here and CML press release Gross mortgage lending reached £18.9 billion in January in full click here.

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

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