The December HPI from the CML has seen a positive end to 2013.
Key Facts:
- Gross mortgage lending was estimated to be £17 bn
- This is the same as in November, yet it represents a 49% increase against the value see in December 2002 – which was £11.4 bn
- Highest total for a December since 2007
- Total mortgage lending for the year estimated to be £177 bn
Over the final quarter, Oct-Dec 2013, there was an estimated £52 bn of mortgage loans, an increase of 5% against the 3rd quarter of 2013. This also represents a 38% increase against the same period (Oct-Dec) in 2012 and is the highest quarterly figure since the 3rd quarter of 2008.
Commenting on market conditions in this months Market Commentary, CML chief economist Bob Pannell reports:
“Short-term growth prospects for the housing market and the wider economy look very positive. Mortgage lending was stronger than we expected in the closing months of 2013, but lenders expect little if any boost to borrower demand this quarter.
“While some of these gains reflect government schemes, the rationale for the positive narrative is a much broader one, reflecting such factors as the improving economy and jobs market, consumer confidence and competitive mortgage deals”.
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