Gross mortgage lending steady year-on-year, says CML
The Council of Mortgage Lenders estimates that gross mortgage lending reached £16.9 billion in November.
This is 9% lower than October (£18.6 billion) and matches the £16.9 billion seen in November last year.
Mohammad Jamei, an economist at the Council of Mortgage Lenders, says: “Current activity in the housing market has eased with transactions back down to levels seen almost a year ago.
"The reform in stamp duty is likely to provide a modest short-term boost in activity over the next few months, but its impact will fade away in the medium term."
The Council of Mortgage Lenders expects mortgage lending to grow in 2015 and 2016, but more slowly than this year.
The BBC points out that there are 11.1 million outstanding mortgages in the UK, worth £1.3 trillion.
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