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News - 19 February 2015

Gross mortgage lending declines in January

The Council of Mortgage Lenders (CML) estimates that gross mortgage lending reached £14.3 billion in January. This represents a 14% decrease from December’s gross lending total (£16.6 billion) and is 11% lower than the £16.1 billion lent in January last year.

Stuart Coleman, Manager of the Tax Department of ABDS comments:
“However, January is typically a slow month for the market, and the CML figures are not seasonally adjusted. But the CML still expects lending to grow by 9% throughout 2015.”

Commenting on market conditions, CML chief economist Bob Pannell says:
"The softer pace of approvals through the second half of last year contributed to the relatively weak pace of mortgage lending in January. As we forecast at the end of last year, gross mortgage lending remains on course to reach an expected £222 billion this year."

The Council of Mortgage Lenders' members are banks, building societies and other lenders who together undertake around 95% of all residential mortgage lending in the UK. There are 11.1 million mortgages in the UK, with loans worth over £1.3 trillion.

If you need any help and advice for your business on the implications of central and local Government Funding initiatives and the construction industry, contact Lavinia Newman, Stuart Coleman or Liz Kennett to discuss how ABDS can help

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

Brilliant with numbers   
Great with people  
Clear and precise with advice
Timely and cost effective 
In touch with issues that face our clients and
mindful of their long term strategic goals

Helping Your Business is Our Business

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