2013 sees mortage lending rise by a quarter as market warms

MORTGAGE lending rose by nearly a quarter in the 12 months to October, as prices and activity in the housing market begin to climb again for the first time since the financial crisis.

According to figures released by the Council for Mortgage Lenders (CML) yesterday, lending for house purchases rose 24 per cent in the same period. The number of mortgages for first time buyers rose by a third, and stood at the highest level recorded in a single month since November 2007.

Acadata and estate agents LSL also suggest today that prices rose in every part of the UK last month. The firms find that the average house has risen £11,219 in price during the past year, a similar figure to those reported by Haart and Zoopla yesterday.
Chartered surveyors Connells today report the same trend, with a 33 per cent increase in valuations between November 2012 and last month. “The question on everybody’s lips is how long mortgage rates can stay so low,” added Connells’ corporate services director John Bagshaw.