The Council of Mortgage Lenders out with their latest data 17 Nov
- vs GBP 20.5bln in Sept
CML senior economist Mohammad Jamei says:
"Housing market sentiment is holding up well, with demand still strong. This has led to a pick up in approvals, as expected.
The more pressing issue is on the supply side, where the lack of private sellers continues to be an obstacle for would-be borrowers.
For this reason, we expect lending in the months ahead to be driven more by re-mortgaging activity and less by house purchases. Re-mortgaging will be helped by competitively priced mortgage deals, which are encouraging borrowers to refinance."
The Council of Mortgage Lenders' members are banks, building societies and other lenders who together undertake around 97% of all residential mortgage lending in the UK. There are 11.1 million mortgages in the UK, with loans worth over £1.3 trillion.
More from the CML here
Meanwhile GBPUSD testing 1.2480 again.