CML's lending predictions could be beaten

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CML's lending predictions could be beaten

Wed 20th Dec 2006

Gross lending in the UK now stands at an all-time high, according to the Council of Mortgage Lenders (CML), prompting it to state that "lending will beat our previous predictions for the coming two years".

In November, gross lending reached £33.1 billion which represented a rise of nine per cent from the previous month's figures.

Year-on-year, the CML's research also shows that lending was up £5.4 billion this year during November. One of the factors key to this rise has been that demand continues to outweigh supply for housing in the UK.

CML's director general Michael Coogan stated: "Looking ahead, mortgage lending looks set to remain seasonally strong over the winter months, reflecting a continuing high level of transactions and house price growth.

"As for 2007 as a whole, we expect to see gross lending total around £360 billion - another record breaking year."

According to data compiled by the British Bankers' Association, net mortgage lending increased by £6.5 billion during November.

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