CML: Gross mortgage lending hits £20.6bn in October
According to the latest data from CML this morning, gross mortgage lending held steady in October and was an estimated £20.6 billion - closely matching September’s gross lending total of £20.5bn but 5% down on the £21.8bn this time last year.
The outlook for both homebuyers and existing homeowners is still looking positive, thanks in part to the Bank of England's decision to cut interest rates to 0.25% back in August. Mortgage affordability has reached its best level since records began, with monthly mortgage costs hitting a record low for home movers and first time buyers alike.
Record low rates have also helped to offset the impact of the uptick in house prices seen in some areas of the UK during recent times. The combined effect of all of this should make buying a new home - whether for first time buyers or movers - a more achievable prospect for many people as we head into 2017. I still think the mortgage market remains vibrant. Low interest rates, a levelling of house prices and continued consumer confidence have all combined to maintain market momentum.