The mortgage market has remained largely unchanged during recent weeks, according to data from the Council of Mortgage Lenders (CML).
Statistics revealed gross mortgage lending stood at approximately £13.1 billion in October, which was a four per cent drop on the previous month.
In a market commentary, CML chief economist Bob Pannell remarked: “The immediate direction of house purchase activity is a little unclear, although the story for remortgages, with strong year-on-year increases in activity this year, is for the time being more straightforward.”
The housing industry could bring great benefits to the wider economy if it is able to flourish.
Mr Pannell claimed there are subdued levels of new build and demand, but the government’s housing strategy and autumn statement are due shortly and may recognise the importance of the sector.
The CML recently claimed the first-time buyer stamp duty concession should be reprived to encourage more people to take out mortgages.
It said it was concerned that withdrawing the incentive might mean that fewer people are choosing to take out home loans because they lack the means to do so.
