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UK Mortgage Lending up 49% Year-on-Year

The Council of Mortgage Lenders December report estimates that gross mortgage lending in the UK was £17bn in December. The CML accounts for roughly 95% of all residential mortgage lending in the UK, so it is the primary barometer. This amount is unchanged from November, but is up 49% since December 2012. House prices in the UK have had wide coverage in the media, as there are concerns that the in some regions the price rises are unsustainable and could be forming a bubble. The capital is the most expensive enclave of housing, where the disparity between wage growth and house prices is most noticeable.

The Bank of England has held interest rates at a record low of 0.50% since March 2009, with Carney stating it will be sometime before the bank raises rates. Some analysts believe that the MPC will be forward to raise rates sooner, however this view has weakened following inflation dropping to 2%.

The full Council of Mortgage Lenders release can be found here

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