October gross mortgage lending up 13% year-on-year
Published: 18 November 2011
Gross mortgage lending was an estimated £13.1 billion in October, a 4% decrease from £13.7 billion in September and a 13% increase from £11.6 billion in October 2010, according to data published today by the Council of Mortgage Lenders.
In today’s market commentary, CML chief economist Bob Pannell observes:
"The underlying picture in the housing and mortgage markets has not changed dramatically over recent weeks. 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.
"With the government's housing strategy and autumn statement due shortly, the housing market, with subdued levels of new build and demand, offers a tried and tested means of providing a timely stimulus to the wider economy."
Notes to editors
1. The Council of Mortgage Lenders' members are banks, building societies and other lenders who together undertake around 94% 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 Thursday 15 December 2011. Please note this is a change from the publication date previously announced for the December release.