2007 sees record gross mortgage lending
Published: 24-Jan-2008
This article was brought to you by Rentman the premium property management system
Gross mortgage lending reached an estimated £362 billion last year, it has been reported.
Research by the Council of Mortgage Lenders (CML) revealed that 2007 was the strongest ever year for gross mortgage lending, which increased by five per cent on the previous year.
However the report also indicated that in December 2007, gross lending dropped to the lowest monthly figure since May 2005, standing at roughly £22.6 billion.
Commenting on the findings, CML director general Michael Coogan explained: "The 'credit crunch' moved into its fourth month in December and continued to constrain the cost and availability of funds to lenders and, in turn, the cost and number of mortgage products available to borrowers.
"Looking forward, the recent decline in interbank lending rates and the prospect of further reductions in base rates in 2008 should provide some help to the market, although lending volumes are likely to remain weak for the next few months."
Mr Coogan added that the UK mortgage market remains "highly competitive", and predicted that better risk borrowers would still have a range of good deals available to them.
Buy letting agent software that works
