Mortgages hit new highs
Mortgage lending rose to an all-time high in November, according to figures released today by the Council of Mortgage Lenders (CML).
The figures show that UK investment in property is surging forward and that £33.1bn was lent to homebuyers in November, £100m over the previous record set in August of this year.
The figure represented a 9% increase on the previous month and a 19% rise on the amount of mortgage lending made in November 2005.
According to the CML, the record lending for people making a UK investment in property is being fuelled by a buoyant market, reflecting a lack of housing and the growing number of households in the UK.
Michael Coogan, director general of the CML, said: “Mortgage lending looks set to remain seasonally strong, reflecting a continuing high level of transactions and house price growth. The market, a key part of UK saving and investment, is in robust shape as we move into the New Year.”
Coogan also predicted that 2007 will be another record-breaking year for mortgage lending in the UK.
Confirming the CML figures, the British Bankers’ Association (BBA) said its members had also noted record levels of mortgage lending in November, but that the market for personal loans and credit cards had been weak.