Total mortgage lending in the UK will pass the £1,000 billion – £1 trillion – mark early next month the Council of Mortgage Lenders (CML) has claimed.
Despite rapid growth in the mortgage market in recent years its total value is still dwarfed by the value of unmortgaged property, currently worth £3.6 trillion.
Increases in home ownership in recent years has boosted the mortgage market, and increased competition has meant turnover remians high as people compare mortgage rate deals to find the best value.
The market still has potential for growth. Despite the number of homeowners rising from 60 to 70 per cent of the population in recent years, 80 per cent say that they have ambitions to own property.
“The £1 trillion threshold is clearly a landmark but it does not have any particular significance for policy-makers or others,” said CML director Michael Coogan.
“Although it is a milestone, it will perhaps soon be forgotten as home-ownership and mortgage lending continue to grow further.
“Over time, owner-occupation has the potential to create wealth and independence for people, and we will continue to work for the expansion of sustainable home-ownership.”
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