Property professionals defy data to remain 'confident' | Money | guardian.co.uk

Property professionals defy data to remain 'confident' | Money | guardian.co.uk

Gross mortgage lending in November was an estimated £11.1bn, down 5% from October's £11.6bn and the lowest November total since 2000, according to latest figures from the Council of Mortgage Lenders (CML).

The November figure is 10% lower than the £12.3bn advanced in the same month last year, and is the fifth consecutive month in which gross mortgage lending has been at its weakest since the equivalent month in 2000.

Bob Pannell, CML chief economist, says the November figures reflect the usual seasonal slowing of activity at this time of year, but it "reinforces the picture of a continuing flat market".

He argues that comparisons with last November are distorted because some households brought forward house purchase activity into the closing months of the year to take advantage of the stamp duty concession. However, he adds that both demand for mortgage borrowing and the supply of funds for lending remain heavily constrained.