Gross mortgage lending rose by 0.92% for the month of November, reaching just shy of £13 billion and hitting the highest level for the year, reports have revealed.
Consumers’ reliance on borrowing to stay afloat appears to be easing, after the latest figures from the Bank of England revealed a fall in total lending to individuals in October.
In the wake of the Libor rigging scandal, the government has given the go ahead for proposals to overhaul the interbank lending rate.
The Council of Mortgage Lenders (CML) has published figures revealing a slump in mortgage lending for September. In contrast though, the buy-to-let market is growing rapidly.