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Housing market rallies

Further evidence of a resurgent housing market emerged today as lenders reported record levels of lending in January…

MortgagesAccording to the Council of Mortgage Lenders, gross mortgage lending totalled £23 billion in January – the highest January lending figure on record.

Although down by 14 per cent on December’s £26.9 billion, January’s total was still nearly a third higher than the £17.4 billion lent in January 2005.

Lending typically weakens in January, said the CML, but January’s figure is still strong and reflects consumer confidence in the market and the expectation that interest rates will remain stable.

Commenting on today’s data, Michael Coogan, CML Director General said: “Mortgage lending in all categories has been strong in recent months. This reflects the fact that consumers are feeling more certain about the future of the housing market and confident that house prices are unlikely to fall.

“The interest rate outlook for the near future is for stable rates. Our recent figures show that the majority of new borrowers are taking out fixed-rate loans to provide payment certainty at affordable cost.

The mortgage market looks set for continued steady growth against a backdrop of pretty positive economic conditions.”


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