Gross mortgage lending £18.9 billion in January
Published: 23 February 2017
The Council of Mortgage Lenders estimates that gross mortgage lending reached £18.9 billion in January. This is 6% lower than December’s lending total of £20 billion, but 2% higher than the £18.6 billion lent in January last year. This is the highest lending total for a January since 2008 (£25.2 billion).
Commenting on market conditions alongside this month's market commentary, CML senior economist Mohammad Jamei said:
Overall mortgage lending continues to hold up pretty well, but we seem to have a twin-track market. Weakness in buy-to-let and home movers has been offset by an increase in first-time buyers and remortgage lending.
A continuing acute shortage of homes being offered for sale is one aspect of a broken housing market, that looks unlikely to resolve in the near term.
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 February and market commentary will be published on Thursday 23 March 2017.
4. This month's full market commentary can be viewed on the CML website.