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CML says housing market continues to strengthen

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The September lending data from the Bank of England shows a continuation of recent trends in the mortgage market. Underlying levels of mortgage lending have edged a little higher driven by an increase in house purchase activity, but remortgaging volumes continue to decline.
CML economist Paul Samter observed:

“There is clear evidence of a significant pick up in housing market lending activity from a year ago, even though it remains low on any historic comparison. On the other side of the gross lending equation, remortgaging volumes continue to weaken. Borrowers seem to be opting to stay on low reversion rates, with official interest rates not expected to rise for some time yet.
“Overall, the numbers support our view that housing market activity continues to strengthen. But we are cautious about how far we can expect it to continue increasing, with funding still a challenge and the economic outlook still subdued.”

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