Latest figures show mortgage lending was up 23% compared with December 2014, with demand for property higher than expected in runup to Christmas
Mortgage lending fell in December, but was 23% higher than a year earlier, capping a busy six months in the housing market.
Figures from the Council of Mortgage Lending (CML) show the amount loaned by banks and building societies before repayments hit £19.9bn during the month, well above the £16.2bn recorded the previous December.
The figure brought the estimated total for the year to £220.3bn – an 8% increase on 2014 and the highest annual gross lending level since 2008.
The housing market had a slow start to the year as uncertainty over the outcome of the election deterred buyers and sellers. In the second half of the year, however, buyers returned.
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