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|Gross Mortgage Lending - 2016 is 12% higher than 2015|
|Thursday, 26 January 2017|
Responding to the CML release, Henry Woodcock, principal mortgage consultant at IRESS, said: “The market in September and October was steady with November seeing a 3% increase. December’s gross mortgage lending reached £20.4 billion in December. This is 4% lower than November (£21.2 billion) and 4% higher than December 2015. Overall, the estimated gross mortgage lending total for 2016 is £246 billion, a 12% increase on 2015’s £220 billion. This is the highest annual gross lending figure since 2008.
“The 2016 housing market ended the year in good shape with the Halifax house price index indicating that the property market in the UK was up 6.5% in December 2016 compared to December 2015.
“Estate agents also saw increased movement in December. Housing activity rose by 8% on an annual basis and has surged 40% compared to the same period two years ago, according to Connells Survey & Valuation data. The buy-to-let market’s loss appeared to have been the owner-occupiers gain, as the number of first-time buyer valuations rose by 26% compared to December 2015.
“Overall the market in 2017 is likely to be dampened by uncertainties around the economy and buy-to-let lending levels are expected to be lower as further tax changes take effect.”
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