Mortgage lending reaches all-time high

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Gross mortgage lending hit an all time record of £33.1bn in November, according to the latest figures from the Council of Mortgage Lenders.

Lending in November was 9% higher than the October figure of £30.5bn and 19% higher than the £27.7bn of lending in November last year. It was also 0.2% higher than the previous record set in August of £33bn. The CML says the strength of lending has been fuelled by the number of households growing more quickly than the supply of available housing, which has pushed up annual house price growth to nearly 10% in the final quarter of the year, compared to 3%-5% at the beginning of the year. It predicts mortgage lending to remain strong over the winter months and reach a total of £360bn in 2...

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