CML expects positive 2013
Lenders anticipate improvement in housing market. The Council of Mortgage Lenders is confident that an upswing in mortgage lending heralds a more active housing market in 2013.
However it has warned of the difficulties faced by first-time buyers who need a 20% deposit to buy their first home.
CML figures show an annual rise of 10.2% in October, with 49,500 mortgages advanced.
'If the incremental improvements in house purchase lending that we are currently seeing persist as we expect them to, then next year should feel a more stable and positive year in the housing and mortgage markets,' says Paul Smee, CML director general.
First-time buyers made up 40% of new mortgages, a rise of almost a fifth, but the CML has previously warned that two-thirds of first-time buyers are reliant on financial help from their parents or other relatives to secure the deposit.