2016 - highest mortgage lending since 2008

The Council of Mortgage Lenders reports that 2016 saw total mortgage lending of £246 billion, 12% up on 2015 ( £220 billion) and the highest annual gross lending figure since 2008.  

December 2016 lending was £20.4 billion, a fall of 4% from November (£21.2 billion), but 4% up on the December 2015 lending (£19.7 billion).

Q4 gross mortgage lending was estimated to be £62 billion, 3% down on Q3.

CML senior economist, Mohammad Jamei comments:

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.
Take advantage of our discounted landlord insurance rates