November shows a steady mortgage market

9 January 2015

Figures from the Council of Mortgage Lenders (CML) for November 2014 have shown there was a dip in gross mortgage lending in comparison to October 2014, however, figures show the market is stable when compared to November 2013.

The CML estimates that gross mortgage lending reached £16.9 billon in November. This is 9% lower than October, however, matches the £16.9 billon seen in November 2013.

The CML published their market forecasts for the next two years and reported they expect to see lending grow in 2015 and 2016 but more slowly than 2014.

Mohammad Jamei, Economist CML commented: “Current activity in the housing market has eased with transactions back down to levels seen almost a year ago.

"The reform in stamp duty is likely to provide a modest short-term boost in activity over the next few months, but its impact will fade away in the medium term."

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