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Mortgage market robust, but subdued, says CML

Mortgage market robust, but subdued, says CML Issued: 14 September 2016   Mortgage lenders expect a “robust, but subdued” mortgage market, said Council of Mortgage Lenders (CML) chief economist, Bob Pannell. (To read the BBC Business briefing, please follow LINK). The latest CML figures show that gross mortgage lending in July 2016 was an estimated £21.4billion, very slightly down on the previous month’s total of £21.5billion and just 1% lower than July last year (£21.6billion). Commenting on market conditions, Mr Pannell advised that ‘indicators are likely to become more accurate as we move on from the distorting effects of the stamp duty changes that came into effect in April 2016’ – but that ‘the subdued nature of lending in July was consistent with a less positive backdrop for house purchase activity post-referendum.’ Mr Pannell warned ‘The Bank of England expected stronger economic headwinds as we move into 2017 with the […]

House prices ‘pick up’ – but outlook ‘clouded’

House prices ‘pick up’ – but outlook ‘clouded’ Issued: 14 September 2016   August saw a ‘slight pickup’ in house price growth but the outlook is still ‘clouded’ according to Nationwide’s House Price Index for August 2016, reports BBC Business online (to read the BBC Business briefing, please follow LINK). The building society said prices rose by 0.6% against July 2016, taking the cost of an average home to £206,145. Although prices in August 2016 were 5.6% higher than August last year, Nationwide advised that “The pickup in price growth is somewhat at odds with signs that housing market activity has slowed in recent months.” On 30 August, Bank of England issued figures indicating that the number of mortgages approved by banks and building societies during July was the lowest for eighteen months. Commenting on this, Nationwide said that ‘while buyer demand had softened, the number of new homes coming […]