The Council of Mortgage Lenders has reported a steady situation in gross mortgage lending in September, albeit slightly down from £16.4 billion to 16.2 billion. However this does represent a 41% increase on the lending of September last year.
The Council of Mortgage Lenders has reported a steady situation in gross mortgage lending in September, albeit slightly down from £16.4 billion to 16.2 billion. However this does represent a 41% increase on the lending of September last year.
For the quarter, the more stable figure, the CML reported lending at £49.3 billion for the third quarter. This equates to a 17.6% increae in lending against the second quarter and 32% increase on the third quarter lending figures in 2012. This also represents the highest lending amount by quarter since 2008, 3rd quarter.
CML Chief Economist Bob Pannell comments:
“Indicators suggest we are witnessing the strongest house purchase performance in five years. House prices too have revived but modestly, aside from a resurgent London market.
“With the Help to Buy mortgage guarantee scheme becoming fully operational in January and firms implementing the mortgage market review in April 2014, it may be several months into 2014 before we get a true gauge of the scale and reach of Help to Buy. For now, the scheme has launched against an already recovering UK housing market with several quarters of improving credit availability, growing competition, and strengthening demand.”
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