B&B responds to CML figures
Bradford & Bingley comments on latest CML lending figures
Duncan Pownall, mortgage development manager for Bradford & Bingley, says:
“Despite the end of the year traditionally being a quieter period, this month’s CML figures demonstrate that the market during the latter half of 2005 has seen an encouraging upturn.
“Gross lending has increased from last month to the second highest monthly figure on record, £28.5billion. This indicates that both home purchasing and remortgaging are strong, following a recovery in buyer activity and high levels of borrowers moving off the cheap fixes of 2003.
“Looking forward to the New Year, the picture is encouragingly healthy. The main fundamentals that underpin borrowing activity are expected to remain stable. Affordability remains high and we foresee a quarter point cut in base rate in the first half of 2006, bolstering the mortgage market further. We also predict sustainable growth in house prices of between two and three per cent over the course of next year.”