The mortgage market is set to grow next year, with people borrowing more money from lenders and more homebuyers getting on the housing ladder in 2017.
This is according to predictions made by the Council of Mortgage Lenders (CML), which recently revealed its housing market forecasts for the next 12 months.
It expects gross lending to reach £248 billion in 2017, which will be followed by buyers borrowing £252 billion the following year.
CML director general Paul Smee commented that the market will “plateau rather than grow” over the next couple of years.
“Property transactions look set to drift down slightly, although we do not expect house prices to fall, and net lending seems unlikely to get above £30 billion next year,” he stated.
Mr Smee added while the industry is “well-insulated” from Brexit, it will still be affected by the economic uncertainty that comes with leaving the European Union.
The CML also revealed that gross lending hit £21 billion in November, which was an increase of three per cent from the previous month. It is also three per cent higher than in November 2015, showing a steady improvement in the market over the last year.
According to the Land Registry’s recent House Price Index, UK property values have also increased in the year leading to September 2016. They have risen by 7.7 per cent during the 12-month period, taking the average house value to £217,888.
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