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Gross Mortgage Lending Up
The Council of Mortgage Lenders published figures stating that there was a 14% increase in gross mortgage lending in compare to the previous month, and a 3% increased compare 2008.
Paul Samter, economist for the Council of Mortgage Lenders, observes: “The December figure is surprisingly strong as there is typically a small decline in the month. Evidence suggests that the rise was driven by a surge in house purchase completions – as remortgaging still remains exceptionally weak. The most likely explanation is that buyers of cheaper property wanted to complete their transactions before the end of the year to beat the end of the stamp duty holiday. 2010 will almost certainly be a better year in the mortgage market than 2009.”
