LETTING & ESTATE AGENT

Best performance since 2008 for gross mortgage lending

Best performance since 2008 for gross mortgage lending


The Council of Mortgage Lenders estimates that total gross mortgage lending increased to £17.6billion in October, representing a rise of 9% from £16.2billion in September and 37% higher than the total of £12.9billion in October last year.



This is the highest monthly estimate for gross lending since October 2008 (£18.6billion).



CML chief economist Bob Pannell said: “Housing activity is set to strengthen further in the short-term, and to contribute materially to overall economic growth.



“Combined with the Bank of England’s recent optimism about the economy, this has led some commentators to speculate that an early rate rise may be on the cards. We do not currently share this view, which we believe underplays the importance that the MPC attaches to a secure recovery before raising rates."