Mortgage lending hits £140bn in 2011
Author: Move with Us24 Jan 12, 05:21 PM
The Council of Mortgage Lenders forecast that there would be £138bn of mortgage lending in the UK for 2011 but figures published recently show that mortgage lending hit a high of £140bn in 2011.
Figures from December 2011 show a 12% rise in mortgage lending compared to December 2010. In addition December was the fifth month in a row of higher year on year lending.
Commenting, CML Chief Economist Bob Pannell observed: "The closing months of 2011 saw stronger mortgage lending activity and housing transactions, despite the fact that short term economic prospects are challenging.
"There is a glimmer of light ahead for households in that real incomes could stabilise and perhaps even start rising by the end of the year.”