8pc Rise in house purchase

The mortgage market is now onto a strong finish to 2015 after a tough 8% rise in house purchase lending in October to £13.3 billion. First time buyer borrowing has hiked 10% over the month to £4.6 billion, according to the Council of Mortgage Lenders.

Mark Harris, chief executive of mortgage broker SPF Private Clients, says: “The mortgage market is gathering a real drive, with increase in lending for first-time buyers, home movers and remortgages and landlords. Lenders have a keen eye on year-end targets so there are some very competitive deals for the borrowers, which results in expectation for plenty of competitive rates in the January sales.”

Paul Smee, director general of the CML, says: “Increase in employment and the reducing inflationary pressures growth should make for a strong 2016. But responding to the supply will be a challenge going forward.”

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