The Council of Mortgage Lenders (CML) has published its latest mortgage lending forecasts reporting gross lending of £21 billion in November – up by an estimated 3% on October, and also 3% up on a year ago.
The CML’s lending forecasts for 2017 have been revised downwards from the previous expectations of a year ago, reflecting economic uncertainties as well as new tax burdens and regulatory changes in the housing and mortgage markets. The CML now expects gross lending of £248 billion in 2017 and £252 billion in 2018, with net lending of £30 billion in each of those years.
According to the CML, the mortgage market remains resilient but is likely to plateau rather than grow much for the next couple of years, whilst property transactions look set to drift down slightly. The trade body does not expect house prices to fall, with net lending unlikely to get above £30 billion next year.