CML: October Gross Mortgage Lending At £19bn
Thinking of buying a house? Then now could be the perfect time to go and talk to your bank and have a look at the homes on the books of the property agents Norwich has, given new figures revealing that gross mortgage lending is on the rise.
According to the Council of Mortgage Lenders (CML), the figure reached £19 billion in October, the highest lending total for the month since 2007. It represents a five per cent hike on the amount seen in September, when the figure reached £18 billion, and is also eight per cent higher than October 2013, when it peaked at £17.5 billion.
Mohammad Jamei, economist with the CML, described the market as being in a steadier state than earlier in 2014 and a much clearer picture of the overall market is now emerging following the mortgage market review.
“Nearly all indicators in the housing market align with our view of a gentle easing in market conditions,” he remarked, going on to add that there are many positive factors where mortgage lending is now concerned.
This includes strong predictions for growth and pay, as well as the fact that the first interest rate rise is now likely to come in towards the end of 2015, all of which will help the market gain traction early next year, Mr Jamei continued.
The CML also revealed earlier this month that while lending was down month on month for first-time buyers in September, it was still up 16 per cent on the same month a year ago – which is another encouraging sign.