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Lending in 2006 was up 20% on previous year

A massive £346bn was lent during 2006, the Council of Mortgage Lenders revealed last week – 20% up on the 2005 figure.

In December alone £29.4bn was lent – 8% up on the £27bn lent in December 2005. In November an all-time monthly record of £33.1bn lending was set.

The CML says it is upbeat about the prospects for this year, even following the most recent interest rate hike.

Michael Coogan, director-general of the CML, says: “The commentators who thought the housing market would crash in 2006 were wrong. Last year the market proved itself to be in robust shape and we expect it to remain so during 2007.

“Looking ahead, many of the drivers of the market remain positive. The economy is healthy, demand for housing is strong, and house prices are continuing to rise. As a result, mortgage lending this year is expected to be even higher than in 2006.”

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