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Mortgage lending to reach £170bn in 2013

Mortgage lending to reach £170bn in 2013

Category: Mortgages

Updated: 20/12/2013
First Published: 20/12/2013

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The Council of Mortgage Lenders (CML) has said it expects gross mortgage lending this year to reach £170 billion - higher than the £156 billion it had originally forecast at the beginning of 2013.

However, this figure was still a "far cry" from the £363 billion experienced at the height of the lending boom in 2007, the CML's chief economist Bob Pannell said.

The council's latest figures show November gross mortgage lending came in at £17 billion - 4% lower than October's figure, but 30% higher than November 2012's £13 billion.

Looking ahead to 2014, Pannell said new mortgage regulation will lead to "a more risk-averse lending environment".

"So, while we expect lending to rise in line with better economic conditions, the next two years are unlikely to see lending levels get very far above £200 billion a year," he added.

Commenting on the November gross mortgage lending figures, the Mortgage Advice Bureau's new homes director Andy Frankish said the broker had begun to see "a release of pent-up demand" from both first-time buyers and second steppers.

"And there is plenty more to come as high loan-to-value lending picks up," he added.

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