Steady mortgage market in November
Thu 19 Feb 2015
Figures from the Council of Mortgage Lenders (CML) for November have shown there was a dip in gross mortgage lending in comparison to October 2014, however, figures show the market is stable in a year on year comparison.
The CML estimates that gross mortgage lending reached £16.9 billon in November 2014. This is 9% lower than October, however, matches the £16.9 billon seen in November 2013.
The CML published their market forecasts for the next two years and reported they expect to see lending grow in the next two years but more slowly than 2014.
Mohammad Jamei, Economist CML commented: “Current activity in the housing market has eased with transactions back down to levels seen almost a year ago.
"The reform in stamp duty is likely to provide a modest short-term boost in activity over the next few months, but its impact will fade away in the medium term."