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Gross lending £11.7 billion in December, says CML

21 Jan 13

Gross lending £11.7 billion in December, says CML

Gross mortgage lending in December reached an estimated £11.7 billion, according to the Council of Mortgage Lenders. This brings the estimated total for the year to £143 billion, up from £141 billion in 2011. In 2013, the CML forecasts gross lending will reach £156 billion.

Commenting on market conditions in this month's Market Commentary, CML chief economist Bob Pannell observes:

"We are more positive about the UK housing market and wider economy than a year ago, despite economic headwinds and downside risks.

"A key reason is that lenders currently face few funding pressures, in part reflecting the funding for lending scheme.

"House purchase activity was robust in the fourth quarter, on the back of better mortgage availability and pricing, and we expect this to continue over the coming months."

Notes to editors

1. The Council of Mortgage Lenders' members are banks, building societies and other lenders who together undertake around 95% of all residential mortgage lending in the UK. There are 11.2 million mortgages in the UK, with loans worth over £1.2 trillion.

2. The Council of Mortgage Lenders does not publish statistics for mortgage approvals. The data in our monthly Regulated Mortgage Survey and gross lending press releases relate to mortgage advances only. A mortgage approval is the firm offer to a customer of a specific amount of credit secured against a particular property. A mortgage advance is the total amount of loan actually provided to the buyer, by the lender.
3. Next month’s gross lending press release and market commentary will be published on 20 February 2013.

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