According to the latest data of The Council of Mortgage Lenders, gross mortgage lending reached £19.9 billion in November. This is 9% lower than October’s lending total of £21.9 billion, but 23% higher than the £16.1 billion lent in November last year.
“Lending is set to finish the year stronger than it started, with the pace of lending recovering over the summer months. As we’ve said for the best part of 2015, lending continues to be supported by strong fundamentals, which are low inflation, strong wage growth, an improving labour market and competitive mortgage deals.” said CML economist Mohammad Jamei.
“Reflecting this recovery, we estimate lending this year to reach £214 billion, up from our earlier estimate of £209 billion. Looking ahead, upside potential appears limited as a result of affordability pressures and new supply challenges which will continue to weigh on activity.”