Gross mortgage lending 'rose in November'

Posted: 15 Dec 2011 12:43:27 GMT

November saw gross mortgage lending totalling £13 billion.

Gross mortgage lending in the UK rose across November, new research has shown.

Published by the Council of Mortgage Lenders (CML), the data revealed this amount stood at £13 billion for the month, marking a five per cent increase on that recorded one month earlier.

This sum indicated the fourth consecutive year-on-year rise and stood 13 per cent higher than that reported for the same four-week period 12 months earlier.

Bob Pannell, chief economist at the CML, whose members include building societies, banks and other mortgage lenders, said: "We have pencilled in a broadly flat picture - for both mortgage lending and property transactions - at least until real incomes show signs of stabilising as inflationary pressures recede."

The industry figure observed lenders are currently facing tough challenges in wholesale funding markets as a result of escalating sovereign debt concerns, noting this might have a negative effect on both the availability and cost of home loans in 2012.
 

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