Mortgage lending drops in December - Mortgages - News - Moneyfacts

News

Moneyfacts.co.uk News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

Mortgage lending drops in December

Mortgage lending drops in December

Category: Mortgages

Updated: 21/01/2013
First Published: 21/01/2013

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Gross mortgage lending suffered a 7% monthly fall in December last year, according to latest data released by the Council of Mortgage Lenders (CML).

The total value of mortgages lent during the final month of 2012 dropped to £11.7 billion; below the £12.2 billion recorded in December 2011 and reflecting a 7% reduction compared with November's total of £12.6 billion.

Figures did reveal, however, that gross mortgage lending was £2 billion more in 2012 than in 2011, at £143 billion, up from £141 billion.

The CML is also optimistic that gross lending will reach £156 billion in 2013, as the positive effects of Government lending initiatives such as the £80-billion Funding for Lending Scheme filter through to the market.

Chief economist at the CML, Bob Pannell, said: "We are more positive about the UK housing market and wider economy than a year ago, despite economic headwinds and downside risks.

"House purchase activity was robust in the fourth quarter, on the back of better mortgage availability and pricing, and we expect this to continue over the coming months," he said.

Compare the best mortgage rates with Moneyfacts Best Buys

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Homemover numbers fall for first time since 2011

The mortgage market enjoyed a record year in 2016, so it may come as a surprise to hear that the number of people moving home has fallen for the first time in five years, with fewer apparently taking advantage of the market.

2016: the best year for remortgaging since 2009

Remortgaging has certainly seen a surge in activity of late, helped in no small part by the dramatic drop in mortgage rates over the last year, so much so that 2016 as a whole proved to be the best year for the sector since 2009.

Homeowners underestimate remortgaging savings

Remortgaging has been enjoying a surge in popularity in recent months, and considering how much you could save, it’s a no-brainer! Unfortunately, many fail to realise the extent of potential savings, which could mean too few make the switch.
 
Close