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|CML comment from Just Mortgages|
|Thursday, 21 January 2016|
John Phillips, group operations director of Spicerhaart and Just Mortgages says, “In July last year, the CML revised its forecast of gross mortgage lending in 2015 to £209 billion from £222 billion. However, the latest figures show the total for 2015 was in fact £220.3 billion, the highest figure since 2008.
“The total lending figure is significantly higher than the CML’s previous estimation. Despite a slow start to the year, the amount of money lent out to UK home buyers staged an unexpected resurgence, as concerns over political uncertainly faded away following the general election in May.
“It is promising to see that gross mortgage lending increased by eight per cent last year and the underlying picture is one of modest recovery. The level of demand is likely to be a result of low inflation, strong wage growth and competitive mortgage deals, but there is still an element of uncertainty as demand continues to outstrip supply.”
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