UK borrowing to pass 1 trillion
CML figures have indicated total UK mortgage borrowing will reach £1 trillion, and the trade body believed the market would continue to grow for the foreseeable future.
Announcing the findings, Michael Coogan, director-general at the CML, said: “The £1 trillion threshold is clearly a landmark, but it does not have any particular significance for policy-makers or others. Although it is a milestone, it will perhaps soon be forgotten as homeownership and mortgage lending continue to grow further. Over time, owner-occupation has the potential to create wealth and independence for people, and we will continue to work for the expansion of sustainable home-ownership.”
The CML revealed that mortgage lending has helped more people get on the property ladder, from 60 per cent to 70 per cent of the population over the last 20 years. However, 80 per cent of the UK population wanted to get onto the property ladder. The government has promised to help with intentions to help over one million people become owner-occupiers by 2010, a goal that Sarah Gwilt, mortgage adviser at Dickson Lishman Prince, said was achievable only if the government changed aspects of the housing market. She said: “Getting another million people on the housing ladder by 2010 is a tall order. They will have to greatly increase the shared-ownership scheme that it has.”