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 Monetary Policy Committee considering a further cut in Bank Rate later this year but wanting to avoid negative interest rate territory.’ (To read the CML’s summary of Mr Pannell’s commentary, please follow: LINK).
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