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CML: Mortgage lending rose 14% in December
Gross mortgage lending in the UK rose by 14 per cent during December, according to new research.
The study by the Council of Mortgage Lenders (CML) revealed that the total value of homeowner loans distributed over the period reached £13.7 billion.
According to the organisation, this marked the first time that the annual monthly comparison entered positive territory since October 2007.
Paul Samter, economist of CML, said the figures were "surprisingly strong", as a decline is usually seen during December.
"Evidence suggests that the rise was driven by a surge in house purchase completions - as remortgaging still remains exceptionally weak," he explained.
"The most likely explanation is that buyers of cheaper property wanted to complete their transactions before the end of the year to beat the end of the stamp duty holiday."
Last week, research by CML revealed that the proportion of income needed to cover mortgage interest payments is at a five-year low.