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Mortgage lending hits £11.7 billion

By Jonathan Dawes, Tue 24 Jan 2012 - Published in Mortgages

The total amount of loans property investors are taking out for a mortgage has hit £11.7 billion, according to new research by the Council of Mortgage Lenders (CML).

Figures from the organisation found that for December 2011 there had been a 12 per cent drop from November's total of £13.2 billion however it was a 12 per cent rise from the same time in the previous year.

Recent research from Halifax revealed that mortgage rates were at the lowest level for 14 years but property company Rightmove revealed that just a fraction of new homes have come on the market since the turn of the year.

The CML said that total lending for the last quarter of 2011 stood at £37.4 billion up on the 2010 figure of £33.6 billion.

Bob Pannell, chief economist at the organisation, said: "The closing months of 2011 saw stronger mortgage lending activity and housing transactions, despite the fact that short term economic prospects are challenging. There is a glimmer of light ahead for households in that real incomes could stabilise and perhaps even start rising by the end of the year."