Gross mortgage lending £18.2 billion in February
Published: 23 March 2017
The Council of Mortgage Lenders estimates that gross mortgage lending reached £18.2 billion in February. This is 8% lower than January’s lending total of £19.8 billion, and closely matches the £18.1 billion lent in February last year.
Commenting on market conditions in this month's market commentary, CML senior economist Mohammad Jamei said:
Mortgage lending is holding up well, but under the surface buyers face mixed fortunes. First-time buyers and customers who are remortgaging are driving total lending, while home movers and buy-to-let remain weak.
The weakness in home movers means few properties are coming onto the market for sale, which is aggravating a supply demand imbalance that has characterised the market since late 2013. This looks set to continue at least over the next few months, posing an obstacle for would-be borrowers.
Notes to editors
1. The Council of Mortgage Lenders' members are banks, building societies and other lenders who together undertake around 97% of all residential mortgage lending in the UK. There are 11.1 million mortgages in the UK, with loans worth over £1.3 trillion.
2. The Council of Mortgage Lenders does not publish statistics for mortgage approvals. The data in our monthly mortgage lending press release 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. The CML's gross mortgage lending estimate for March and market commentary will be published on Thursday 20 April 2017.
4. This month's full market commentary can be viewed on the CML website.