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Gross mortgage lending reaches £246bn in 2016

Gross mortgage lending reaches £246bn in 2016

The total mortgage lending for 2016 was estimated to be £246bn – the highest annual gross lending figure since 2008, according to the latest research.

Figures released by the Council of Mortgage Lenders (CML) showed that mortgage lending was up 12% compared with 2015 (£220bn).

For the month of December 2016, gross mortgage lending reached an estimated total of £20.4bn.

This represent a 4% drop from November 2016 (£21.2bn), but a 4% increase from December 2015 (£19.7bn).

Quarterly gross mortgage lending for Q4 fell by 3% to an estimated £62bn (Q3 £64bn).

Mohammad Jamei, senior economist at the CML, said: “The UK housing market, much like the wider UK economy, ended 2016 on a generally positive note.

“Approvals for house purchase have recovered strongly of late, and this should feed through to lending figures in the early months of 2017.

“The current availability of mortgage credit is benign, and the real issue continues to be a dearth of properties on the market, which adds to the challenges facing would-be buyers.

“Uncertainty associated with political factors and prospective changes to the tax treatment of landlords will weigh on prospects for the year ahead.”

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