Right-to-buy rush pushes home loans to seven-year high: Loans totaling £220bn were handed out in 2015
Mortgage lending soared to a seven-year high in 2015, new research shows Loans worth more than £220bn handed out with £19bn alone in December Landlords rushed to snap up buy-to-let houses before hike in stamp duty The Council of Mortgage Lenders estimates that gross mortgage lending reached £19.9 billion in December. This is 3% lower than November (£20.5 billion), but 23% higher than December 2014 (£16.2 billion). This brings the estimated total for the year to £220.3 billion, an 8% increase on 2014’s £203.3 billion and the highest annual gross lending figure since 2008. Gross mortgage lending for the fourth quarter of 2015 was therefore an estimated £62.3 billion. This is a 1% increase on the third quarter and a 23% increase on the fourth quarter of 2014. Commenting on market conditions in this month’s market commentary, CML economist Mohammad Jamei observes: Lending ended the year stronger than it started, with our estimate of n...