Mortgage lending in November 2014 totalled almost £17 billion, equal to results in November 2013. Whilst this was a drop on October 2014, which saw the highest month of lending since 2007, the market is steady, according to comments by The Council of Mortgage Lenders.
Mortgage lending is steady and growing
The Council of Mortgage Lenders (CML) has released data showing a 9% drop in mortgage lending in November 14 compared to the previous month.
However, seasonal fluctuations are common and this does not mean that the mortgage market is taking a dip again.
Reassurance can be found in the fact that gross mortgage lending up to November 2014 is already above that of the entire year in 2013.
In addition, Q3 of 2014, so the months of July, August and September, reported the highest quarterly lending since the end of the financial crisis. High results continued into October as well.
CML predict a period of sustained growth moving into 2015.