Lenders loosen purse strings
THE Council of Mortgage Lenders says gross lending last month was 49 per cent higher than December 2012 and the highest total for a December since 2007.
CML chief economist Bob Pannell says: “Short-term growth prospects for the housing market and the wider economy look very positive.
“Mortgage lending was stronger than we expected in the closing months of 2013, but lenders expect little if any boost to borrower demand this quarter.
“While some of these gains reflect government schemes, the rationale for the positive narrative is a much broader one, reflecting such factors as the improving economy and jobs market, consumer confidence and competitive mortgage deals.”