Mortgage market lending rises 21% in 2016

bridging loanThe mortgage market has started 2016 with the rise in gross mortgage lending of 21% year on year. According to the Council of Mortgage Lenders, lending in January has hit £17.9 billion which was £14.8 billion the last year, making it as the highest total since January 2008.

CML economist Mohammad Jamei says: “UK market fundamentals have helped to strengthen this recovery, with wage growth, improving labour market, competitive mortgage deals, and government schemes. We still only see limited benefit potential going forwards, as the number of properties for sale on the market remains low and affordability pressures weigh up on activity.”

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