Mortgage Lenders Predict Pick-up In Sales And Lending In 2013

House sales and mortgage lending should rise next year, says the Council of Mortgage Lenders (CML).

CML predicts that activity will be boosted by the government’s Funding for Lending Scheme, which channels cheap funds to banks and building societies.

Council of Mortgage Lenders said sales had already risen this year, and should increase again in 2013, to about 950,000.

But it warned that demand for mortgages might be hindered by the poor state of the economy.

“Whereas the Funding for Lending Scheme (FLS) was conceived by the UK authorities to mitigate the worst impacts of a potential fresh credit crunch, its launch has in fact coincided with a more positive external funding environment, in part due to European Central Bank actions,” said the CML’s chief economist Bob Pannell.

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