The Director General of the Council for Mortgage Lenders (CML) Paul Smee has forecast “slow but steady upward trajectory over the next two years” after the trade body released its lending data for November.
By value house purchase and first-time buyer lending fell by 9% from October, home-mover lending fell by 10%, re-mortgage lending fell by 14% and gross buy-to-let fell by 8%.
Year-on-year performance was still strong however, as homeowner lending was up 18%, first-time buyer lending up 14%, home-mover lending up 20% and finally re-mortgage lending was up by a significant 36%.
Paul Smee said: “As expected, mortgage lending activity eased back as the normal dip in the winter months began.
“There was still growth across all lending types in November compared to the year earlier suggesting continued improvement.
“Our forecasts anticipate that gross lending will continue a slow but steady upward trajectory over the next two years.”