Last year ‘strongest ever for mortgage lending’

The last 12 months have been the strongest ever for gross mortgage lending, according to figures from the Council of Mortgage Lenders (CML).

A study by the organisation indicates that it reached an estimated £362 billion, a rise of five per cent from £345 billion during 2006, in news which may be of interest to those looking to buy a house in Scotland.

Commenting on the data, director general of the CML Michael Coogan comments that the potential for further reductions in the base rates during the next 12 months should provide the market with some help.

"Overall, despite the funding constraints caused by global conditions, the UK mortgage marketplace remains highly competitive and there will continue to be a range of good deals available to better-risk borrowers," he concludes.

Responding to the figures, senior economist at the Royal Institution of Chartered Surveyors Simon Rubinsohn stated that the tougher lending environment is likely to cause problems for first-time purchasers, in news that may interest those looking to buy a house in Scotland.