Gross lending 'still set to exceed 2005 levels'

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The total amount of money being loaned for mortgages and other purposes is set to exceed 2005 levels, according to new housing market forecasts for 2008.

Statistics from the Council of Mortgage Lenders (CML) also revealed that while inflation in the housing market is expected to slow next year and the amount being loaned out is to decrease, it will still be higher than market conditions two years ago.

Discussing the findings, CML director general Michael Coogan said the housing market was experiencing "its most challenging period since Labour came to power a decade ago".

He added: "We now expect a slower mortgage market next year, although by no means a stagnant one.

"Most borrowers will cope, but not everyone will escape unharmed from the effects of a slower market, so the government should make it a policy priority to overhaul the system of state support for homeowners, which has lagged pitifully behind the times."

The CML is a trade association which represents around 98 per cent of residential mortgage brokers in the UK market.

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