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Mortgage lending 'hits £12bn in November'
Gross mortgage lending reached an estimated £12 billion in November, according to new figures.
The study from the Council of Mortgage Lenders (CML) highlighted that the statistic is ten per cent lower than the total of £13.3 billion recorded in October, while it is also down 14 per cent from 12 months earlier.
However, the organisation has suggested the figures tend of reflect usual trends, as a decline between October and November is regarded as typical.
Paul Samter, an economist at CML, said: "There is little reason to expect much underlying change in the coming months.
He added that while some activity "bunching" may be seen at the end of this year, "seasonal factors are likely to be the dominant driver over the next few months".
Earlier this month, research from CML found that the number of homeowner loans approved in the UK reached its highest level in nearly two years during October.