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News - 23 December 2013

Mortgage lending up 30% on last year.

The Council for Mortgage lenders (CML) have released figures for November 2013 which shows an estimated £17 billion of gross mortgage lending, 4% lower than October's figure of £17.6 billion but 30% higher than the £13 billion lent in November last year.

Stuart Coleman, Manager of the Tax Department of ABDS comments:
“The Council of Mortgage Lenders' members are banks, building societies and other lenders who together undertake around 95% of all residential mortgage lending in the UK. There are 11.2 million mortgages in the UK, with loans worth over £1.2 trillion. The figures are for the total amount of loan actually provided to the buyer, by the lender, not for mortgage approvals.”

CML chief economist Bob Pannell said:
"Gross lending for 2013 looks set to reach £170 billion - higher than the £156 billion we originally forecast, but still a far cry from the £363 billion experienced at the height of the lending boom in 2007. New rules hardwire in a more risk-averse lending environment for the future and so, while we expect lending to rise in line with better economic conditions, the next two years are unlikely to see lending levels getting very far above £200 billion a year."

If you need any help and advice for your business on the implications of central and local Government Funding initiatives and the construction industry, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help

ABDS Chartered Certified Accountants of Southampton.
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