20 Dec

£11.1bn spent on mortgage lending in November, report shows

£11.1bn spent on mortgage lending in November, report shows

Mortgage lending for people looking to buy houses for sale in the UK was £11.1 billion in November 2010.

This is according to research conducted by the Council of Mortgage Lenders (CML), which reported that this represents a marginal drop from the £11.6 billion lent out during the previous month.

CML chief economist Bob Pannell said this could reflect "the usual seasonal slowing of activity at this time of the year".

He noted that the CML has predicted gross mortgage lending will remain stable in 2011 and people purchasing properties for sale could expect mortgage lending to be similar over the coming 12 months.

Mr Pannell estimated that the gross mortgage lending for 2011 will come in at £135 billion.

Last month, chairman of the group Matthew Wyles predicted that gross home loan lending is likely to be £137 billion by the end of the year, when he spoke at the CML's 2010 Mortgage Industry Conference and Exhibition.ADNFCR-1222-ID-800301687-ADNFCR

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