21 Dec

November drop in mortgage lending 'not surprising'

November drop in mortgage lending 'not surprising'

The fall in mortgage lending in November compared with October is not a surprise, one industry expert has stated.

Ray Boulger, senior technical manager at John Charcol, pointed out that it is not unusual for mortgage lending figures to drop towards the end of the year due to seasonal influences.

Data released by the Council of Mortgage Lenders found that lending had fallen by ten per cent in November compared with the previous month.

Mr Boulger commented that while a decrease is not unusual at this time of year, a ten per cent drop was more than had been anticipated.

"One would have expected, if anything, that [mortgage lending] would slightly increase in November and December as people aimed to complete before the end of the year," he said.

This is because the stamp duty holiday is due to come to an end on December 31st, which means that the minimum threshold for properties eligible for the tax will revert to £125,000, Mr Boulger explained.
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