21
Dec
November drop in mortgage lending 'not surprising'
The fall in mortgage lending in November compared with October is
not a surprise, one industry expert has stated.
Ray Boulger, senior technical manager at John Charcol, pointed out
that it is not unusual for mortgage lending figures to drop towards
the end of the year due to seasonal influences.
Data released by the Council of Mortgage Lenders found that lending
had fallen by ten per cent in November compared with the previous
month.
Mr Boulger commented that while a decrease is not unusual at this
time of year, a ten per cent drop was more than had been
anticipated.
"One would have expected, if anything, that [mortgage lending]
would slightly increase in November and December as people aimed to
complete before the end of the year," he said.
This is because the stamp duty holiday is due to come to an end on
December 31st, which means that the minimum threshold for
properties eligible for the tax will revert to £125,000, Mr
Boulger explained.
