Gross mortgage lending in the UK escalated in November, new findings have shown.
Published by the Council of Mortgage Lenders (CML), the results revealed this level stood at £13 billion for the four-week period, meaning the sum escalated for the fourth consecutive year.
This amount was five per cent greater than that recorded in October and 13 per cent higher than the sum reported in the same month one year earlier.
The CML – whose members account for almost 95 per cent of residential mortgage lending in the UK – said it expects gross lending for this year to total £138 billion, with net lending coming to £9 billion.
Bob Pannell, chief economist at the organisation, said a broadly flat picture is anticipated for property transactions and mortgage lending until real incomes begin to show signs of stabilising.
The industry figure observed: “As a by-product of sovereign debt worries, lenders face challenging conditions in wholesale funding markets and these could have negative effects on the cost and availability of UK residential mortgages.”
This is likely to continue through either some or the whole of 2012, he went on to note.
