Mortgage lending strongest since 2008, says CML
November 19, 2015, 3:49 pm

Mortgage lending rose to £21.8bn in October, up nearly 20% from a year earlier, according to industry figures.

The total was the highest since 2008, and growth in mortgage lending was also at a seven-year high, the Council of Mortgage Lenders (CML) said.

The CML said that total mortgage lending in 2015 was likely to beat its initial forecast of £209bn.

It added that housing market sentiment was set to be lifted as interest rates are unlikely to rise until 2017.

Lack of supply

The CML said Bank of England mortgage approvals data for September offered "mixed signals about the months ahead".

House purchase approvals dipped below 70,000 in September, while those for remortgages rose to 41,000.

The CML pointed out that the overall level of housing transactions in recent months had been slow and raised concerns about the low level of properties being offered for sale.

Despite the subdued number of property transactions, October`s lending figure was 8% higher than September`s total of £20.1bn.

Howard Archer, chief UK and European economist for IHS Global Insight, said mortgage lending was being lifted by many people remortgaging to try to lock in low interest rates before they start to rise.

"We expect house prices to see solid increases over the coming months amid healthy buyer interest and a shortage of properties," he added.


m1.png m2.png m3.png m4.png m5.png
f1.png f2.png f3.png f4.png f5.png
+ =
Exchange Rates
EUR/USD 1.0632
EUR/BRL 3.3977
EUR/AUD 1.4115
EUR/TRY 4.0665


Jan21      10:32
  1. Humidity 47%
  2. Downwind
  3. Winds 0 kph
Latest Videos
VIDEO: The Biology of Bliss and the Human OS - Jamie Wheal
Terror and Tourism: Changing the Travel Landscape
Earth In 2050 - HD Documentary 2015
The drive for gender equality in corporate Japan
Plane touches down then aborts during storm (VIDEO)
The Fermi Paradox II — Solutions and Ideas – Where Are All The Aliens (VIDEO)
Latest Photos
best cities for small businesses
Best Jobs in America (PHOTOS)
Inside the coolest private jets (PHOTOS)
The best hotel club floors in the world
Winning Images from the 2015 National Geographic Traveler Photo Contest
PHOTOS: Raging Wildfires Prompt Major Evacuation