Mortgage lending reaches December record

Gross lending for mortgages reached a record for the month of December in 2006, with a total of £29.4 billion.

This is eight per cent higher than the previous December but 11 per cent less than November 2006, which saw an all-time record of £33.1 billion borrowed, according to the Council of Mortgage Lenders (CML).

In addition, a total of £346 billion was lent out during 2006 – a 20 per cent increase on the amount recorded in 2005.

The total for 2006 is coupled with a seven per cent overall rise in house prices and a 14 per cent increase in the number of house sales.

“Last year the market proved itself to be in robust shape and we expect it to remain so during 2007,” remarked Michael Coogan, director general of the CML.

Some 98 per cent of the CMLs members are responsible for UK residential mortgage lending.

© Adfero Ltd

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