Mortgage lending highest since 2008

24th January 2014

Figures from the Council of Mortgage Lenders (CML) show a surge in new mortgage lending during December, up nearly 49% on a year earlier.

An estimated £17bn was lent during the month, while gross lending for the fourth quarter was £52bn, a 38% increase on the year. Bob Pannell, chief economist at the CML, commented "Mortgage lending was stronger than we expected in the closing months of 2013, but lenders expect little if any boost to borrower demand this quarter." Separate data from the Bank of England showed mortgage approvals for house purchases rose to a 70-month high of 70,758 in November, up 33% from a year earlier.

Source:   The Times