Gross mortgage lending edges up in 2011

The year-on-year total of gross mortgage lending rose for the fifth month in a row in December, according to the Council of Mortgage Lenders (CML).

Although the £11.7bn total for the month was down 12 per cent on November, it was up 12 per cent on December 2010.

That means gross lending for 2011 as a whole was £140bn, up three per cent on the £136bn seen in 2010 and slightly ahead of the CML's forecast.

Bob Pannell, CML chief economist, said: "The closing months of 2011 saw stronger mortgage lending activity and housing transactions, despite the fact that short term economic prospects are challenging.

Source: AboutProperty.co.uk