25 Nov

Mortgage lending continues to rise

Mortgage lending continues to rise

The latest figures show total gross mortgage lending in the UK reached £21.8 billion last month.

Data from the Council of Mortgage Lenders (CML) revealed lending was eight per cent higher than in September as the market appears to be recovering well.

Overall, lending rose by 19 per cent compared to the same point in 2014 and is now at its highest level since July 2008 when it peaked at £23.6 billion.

Bob Pannell, CML chief economist, said the outlook for the rest of the year looks equally positive.

He explained: "As lending in the regulated mortgage space picked up over the summer months, the pace of recovery has improved.

"This looks set to continue over the closing months of the year with the factors helping support this recovery continuing to be low inflation, strong wage growth, an improving labour market and competitive mortgage deals."

Peter Rollings, chief executive officer of Marsh & Parsons, added home loan borrowing has improved over the summer months, with a significant rise in first-time buyers, with 26 per cent all sales in the third quarter of the year being made by those stepping on to the property ladder.ADNFCR-1222-ID-801806577-ADNFCR

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