Total mortgage lending of £143.7bn in 2009 was 43% down on 2008’s levels, but slightly above forecasts, according to the Council for Mortgage Lenders.
The CLM said total mortgage lending in 2009 was down from the £253bn lent in 2008, when the availability of credit dried up. It’s the lowest amount lent since 2000’s £119bn.
However, they also report that the last month of the year saw the first year-on-year rise in lending since the start of the credit crunch. At £13.7bn, lending was 14% up on November and p 3% ahead of December 2008.
CML economist Paul Samter says that while this may have been due to the impending close of the stamp duty holiday for properties under £175,000, there is “every reason to expect a gradual improvement in the latter part of the year”.