An increase in gross mortgage lending of 12% for 2016 on previous year
The Council of Mortgage Lenders (CML) yesterday reported in a press release that they estimated that gross mortgage lending reached £20.4 billion in December.
The CML mentions that the estimated gross mortgage lending total for the year 2016 is £246 billion, a 12% increase on the previous year of £220 billion and the highest annual gross lending figure since 2008.
CML senior economist Mohammad Jamei said: “The UK housing market, much like the wider UK economy, ended 2016 on a generally positive note.
“Approvals for house purchase have recovered strongly of late, and this should feed through to lending figures in the early months of 2017. The current availability of mortgage credit is benign, and the real issue continues to be a dearth of properties on the market, which adds to the challenges facing would-be buyers.
“Uncertainty associated with political factors and prospective changes to the tax treatment of landlords will weigh on prospects for the year ahead.”
Read the CML press release in full click here