December witnessed a marked increase in year-on-year gross mortgage data, new figures have shown.
According to the Council of Mortgage Lenders (CML), this level reached an estimated £11.7 billion, which represented a 12 per cent rise on the £10.5 billion recorded in the final month of 2010.
Across the fourth quarter of 2011, lending stood at £37.3 billion – again marking an 11 per cent hike on the £33.6 billion reported over the same period 12 months earlier.
Bob Pannell, chief economist at the CML, noted: “The closing months of 2011 saw stronger mortgage lending activity and housing transactions, despite the fact that short term economic prospects are challenging.”
The industry figure explained real incomes look set to stabilise in the months to come – but problems facing the eurozone are leaving the mortgage funding outlook uncertain.
He added it is difficult to call how overall home loan market conditions will pan out in the 12 months ahead.
The CML had earlier reported that November 2011 saw growth returning to mortgage lending in the UK, with deals across the four-week period being worth a total of £6.9 billion.
