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Mortgage lending falls 10% in November

29/12/2009

According to figures from the Council of Mortgage Lenders (CML), gross mortgage lending in November totalled £12bn - 10% lower than the £13.3bn seen in October and 14% lower than the £13.9bn recorded in November 2008.

The CML states that `a modest seasonal decline between October and November is typical`, but a drop of 10% is a little bigger than normal.

Economist at the CML, Paul Samter, said: "There is little reason to expect much underlying change in the coming months. There could be a modest decline in underlying house-buying activity in early 2010 due to the stamp duty holiday ending, with activity `bunching` over the last few months of 2009. But seasonal factors are likely to be the dominant driver over the next few months."

A spokesperson for Debt Advisers Direct added: "Although the amount of mortgage debt taken on in November was slightly lower than October`s figure, this seems to be more or less in line with seasonal trends.

"As Mr. Samter has said, with the stamp duty holiday ending, we could see a decline in house-buying activity in the early months of next year - which means we would expect to see a decline in the amount of mortgage debt being taken on around then."

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