There are grounds for optimism with regard to the health of the UK mortgage market going forward.
This is according to the Council of Mortgage Lenders (CML), which noted recovery in the sector seen this year should carry on into 2013, with the impact of the Funding for Lending Scheme continuing to play a role in this.
According to estimations made by the CML, gross lending in November stood at around £12.9 billion, while next year should see 950,000 property transactions, £156 billion of gross lending and £12 billion of net lending.
Bob Pannell, chief economist at the CML, said the body anticipates improvement in the mortgage sector across 2013, with sustainable growth characterising the market of the future.
Mr Pannell stated: “We look forward to helping both lenders and policymakers stay focused on delivering a market that provides protection and flexibility to meet the needs of real consumers.”
He added the launch of the Funding for Lending Scheme came at a time when the external funding environment was becoming increasingly positive.
