Gross Mortgage Lending Increased To £17.6b In October

Total Gross Mortgage Lending Increased To £17.6 Billion In October

Gross mortgage lending statistics demonstrate the strongest performance in a long time. In particular, a report from the Council of Mortgage Lenders indicates that there has been an increase in total gross mortgage lending that's increased to £17.6b (billion) in October. This represents an increase of 9% from the previous month, and an increase of 37% from the previous year. We haven't seen such a total gross mortgage lending figure this substantial for five years.

The Council of Mortgage Lenders is comprised of banks and building societies. Its members include approximately 95% of all montage lenders in the UK, and the chief economist at the Council of Mortgage Lenders predicts that we'll see a further strengthening of housing activity within the next months. Naturally, this will be good for economic growth.

CML's chief economist has also noted that some have speculated about an early rate rise as a result of both the increase in gross mortgage lending a sense of increasing optimism about the general direction of the economy. However, he was quick to disagree with this prediction - at least for now - noting that it doesn't give enough consideration to the MPC's desire to see a secure recovery before a decision is taken to raise rates.

Quick Move Property Ltd trading as PropertyBuyer.co.uk

The Old Bank, 259 London Road, Hadleigh, Essex, SS7 2BN

T: 0800 246 1188
T: 01702 742 111

Important: Whilst we make every effort to complete in a quick and reasonable timescale, there are sometimes circumstances that might affect the actual completion date, and in extreme circumstances our ability to purchase. Any initial offer made is provisional and will only be confirmed once we are in receipt of a survey, and the searches and contracts are deemed satisfactory by our legal team. Other factors may affect our decision to purchase, or affect the price we eventually agree. Over recent years financial turbulence and market forces from both inside the UK, Europe and the rest of the world have caused extreme price fluctuations in the UK property market. Property law is such that until exchange of contracts takes place with the legal representatives the transaction is not legally binding. Prior to a legal exchange of contracts we can rescind the agreement at any time if we have any knowledge or we are advised that the property is not as initially described and/or anything comes to light that may have affected its value. Alternatively, the purchase price may be renegotiated by mutual consent. In the event we rescind the agreement then all legal aborted costs, disbursements and survey fees in the transaction will be met by us. We strongly advise not to commit to any expenditure or completion dates until legal exchange has taken place.

Total Gross Mortgage Lending Increased To £17.6 Billion In October