20th November 2014
Gross mortgage lending jumped 8% on an annual basis to reach £19bn in October according to the latest estimates from the Council of Mortgage Lenders (CML).
The trade body’s latest figures show a 5% rise on September’s total while last month’s tally represents the highest lending total for an October since 2008.
Commenting on market conditions CML economist Mohammad Jamei said: “The market is in a steadier state than it was earlier in the year. As the temporary impact of implementing the mortgage market review fades, a clearer picture of the mortgage and housing market is emerging. Nearly all indicators in the housing market align with our view of a gentle easing in market conditions.
“While the housing market has cooled in recent months, mortgage lending continues to be underpinned by positive factors. With expectations of the first interest rate rise moving to the fourth quarter of next year, as well as positive forecasts for growth, pay and unemployment, there is potential for market activity to gain traction in the New Year.”