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Mortgage lending to rise next year - but not a lot
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Net mortgage lending is forecast to rise in 2010 but not significantly as the banks continue to wrestle with refinancing commitments during the year.

Latest figures from the Council of Mortgage Lenders forecast net lending of £15 billion in 2010, against a reforecast of £8 billion this year. This compares with £108 billion in 2007, and represents what the CML describes as "the UK mortgage book stagnating with repayments broadly matching new lending".

"With limited ability and little incentive to refinance, overall lending volumes will remain subdued next year - albeit at slightly higher levels than in 2009," said CML.

However the improvement in the market has had some impact. In the Spring CML was forecasting net lending for the year to be minus £25 billion rather than the plus £8 billion now expected.

Source: Housebuilder

See Also:   (6680), (84), (4), (14), (4)

Date Published: 12 November 2009

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