Liza-Jane Kelly commenting in response to the latest CML figures
Thu 15 Dec 2011
"Rock-bottom interest rates have helped sustain demand, driving an improved mortgage market in recent months. However, the increased commitment from lenders in the latter part of the year is encouraging to say the least. While we are still a long way from the level of lending seen before the downturn, given the lack of vitality in the UKs economy and the ongoing eurozone crisis, any improvement in mortgage lending is a welcome bonus.
While the CML holds a more negative outlook for the national market in the coming year, we anticipate another encouraging performance from Londons housing market. In the last month alone, we've seen a 21% annual increase in the number of properties placed under offer, as a committed corps of wealthy international and domestic buyers look to move money from more volatile investments into the capitals bricks and mortar. As the debt crisis in Europe continues in the New Year, we expect this trend to continue, helping drive activity in prime London in 2012."