Legal News
UK Mortgage Outlook Difficult To Predict, Reports CML (26 January 2012)
Date: 26/01/2012
The conditions within the UK’s mortgage market over the coming year are difficult to predict, according to the Council of Mortgage Lenders (CML). The CML claimed that the crisis within the eurozone had resulted in the uncertainty. The latest figures from the CML revealed that gross mortgage lending in the UK stood at £11.7 billion during December, down 12 per cent in comparison to the previous month but up 12 per cent in comparison to December of the previous year.
The CML claimed that overall mortgage lending totalled £140 billion last year, a rise of three per cent on 2010, during which time the mortgage market was equally stunted. Some £37.3 billion worth of mortgage lending during the last three months of 2011 proved to be slightly less than that of the previous quarter, yet up 11 per cent on the final three months of the previous year.
The final months of 2011 witnessed stronger mortgage lending and housing transactions, regardless of the challenging short-term economic prospects, Bob Pannell, the CML’s chief economist noted. Mr. Pannell added that mortgage lending activity may begin increasing by the end of 2012 yet warned that continuing problems in the eurozone meant that mortgage lending prospects remained uncertain, rendering the overall conditions within the UK’s mortgage market conditions for 2012 difficult to predict.
Duncan Lewis’ conveyancing solicitors specialise in providing residential conveyancing services, aiding their clients in transferring the ownership of their current property and acquiring ownership of a new property. The department understands that buying or selling a property may not be straightforward and can help to ease clients through the process.