23 Jan

Gross mortgage lending up again in December

Gross mortgage lending up again in December

The amount of money loaned to people for mortgages rose again in December, as the housing market continued to perform better throughout 2011 than it did in 2010.

Despite the fact that gross mortgage lending in December was 12 per cent lower than it was in November at £11.7 billion, the Council of Mortgage Lenders (CML) said that this was 12 per cent higher than the same time a year previous.

Gross mortgage lending for the whole of 2011 was £140 billion, which was three per cent higher than the £136 billion in 2010.

CML chief economist Bob Pannell said: "The closing months of 2011 saw stronger mortgage lending activity and housing transactions, despite the fact that short term economic prospects are challenging."

Last week, HSBC announced that it was looking to provide something of a boost to the property market for those looking for property for sale in London and other regions through setting aside £15 billion for this year alone.ADNFCR-1222-ID-801272263-ADNFCR

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