November gross mortgage lending up 30% on last year

There was an estimated £17 billion of gross mortgage lending in November, according to the Council of Mortgage Lenders. This was 4% lower than October's figure of £17.6 billion but 30% higher than the £13 billion lent in November last year.

CML chief economist Bob Pannell said: "Gross lending for 2013 looks set to reach £170 billion - higher than the £156 billion we originally forecast, but still a far cry from the £363 billion experienced at the height of the lending boom in 2007. New rules hardwire in a more risk-averse lending environment for the future and so, while we expect lending to rise in line with better economic conditions, the next two years are unlikely to see lending levels getting very far above £200 billion a year."