Council of Mortgage Lenders (CML) reports shows that December lending is on an 8 percent raise as against the year gone by.
January 29, 2007 (Press Release) --
London, 23rd January, 2007: A report by the Council of Mortgage Lenders (CML) indicates a rise in December lending with the figures reaching £29.4 billion.
Although, £29.4 billion is not a record breaking number and is lower than the all-time highest lending record of £ 33.1 billion in November.
CML states that there has been a 20 percent increase in the overall lending trend in 2006 as compared to 2005. This figure is reportedly based on an annual house price growth of approximately seven per cent and a 14 per cent increase in house sales.
While stating that the market will remain in "robust shape" during 2007, Michael Coogan, Director General of CML further indicated that mortgage lending will be on a rise this year. "The economy is healthy, demand for housing is strong and house prices continue to rise. As a result, mortgage lending this year is expected to be even higher than in 2006…"
However, the recent announcement from the Bank of England may dampen the hub in the loan market. Last week the bank announced their highest raise since July 2001- 5.25 percent. Mr. Coogan is quick to point out that the rise in interest rates may reduce the market activity.
Although, £29.4 billion is not a record breaking number and is lower than the all-time highest lending record of £ 33.1 billion in November.
CML states that there has been a 20 percent increase in the overall lending trend in 2006 as compared to 2005. This figure is reportedly based on an annual house price growth of approximately seven per cent and a 14 per cent increase in house sales.
While stating that the market will remain in "robust shape" during 2007, Michael Coogan, Director General of CML further indicated that mortgage lending will be on a rise this year. "The economy is healthy, demand for housing is strong and house prices continue to rise. As a result, mortgage lending this year is expected to be even higher than in 2006…"
However, the recent announcement from the Bank of England may dampen the hub in the loan market. Last week the bank announced their highest raise since July 2001- 5.25 percent. Mr. Coogan is quick to point out that the rise in interest rates may reduce the market activity.
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