The gross mortgage lending in February 2017 in the UK was £18.2 billion, according to latest data released by the Council for Mortgage Lenders (CML).
The Council of Mortgage Lenders' members are banks, building societies and other lenders, who together undertake around 97 per cent of all residential mortgage lending in the UK. There are 11.1 million mortgages in the UK, with loans worth over £1.3 trillion. Data provided by CML reflects the health of the UK residential real estate market.
The mortgage lending activity indicates the building up of momentum in the UK housing market, which was impacted during the mid of 2016 following political and resultant economic developments. The activities in the housing market are gradually returning to levels of January 2016. The house purchase approvals in January were 70,000 as compared with 60,000 in the previous month. The approvals are growing month-on-month and this is an encouraging sign.
The Monetary Policy Committee of the Bank of England expects an average 71,000 house purchase approvals over the next nine months. A significant proportion of the house-buyers are likely to be first-time buyers, as they continue to drive demand for homes in the UK market.
If you are a first-time home-buyer and looking for a house, we have plenty of options for you in London. Connect with any of Strawberry Star property consultants by calling our London office for details.
Mortgage lending is holding up well, but under the surface buyers face mixed fortunes. First-time buyers and customers who are remortgaging are driving total lending, while home movers and buy-to-let remain weak - CML