Analysis: Time to salute the CML’s 25 years


The Council of Mortgage Lenders recently celebrated its 25th anniversary. The UK mortgage market is reported to have grown from a £67bn a year industry in its early days to £176bn in 2013 but with a 2007 peak totalling £363bn.

In  25 years, the industry is said to have advanced 23 million home loans and lent out over £3.8trn.

First-time buyers help illustrate this transition. Twenty-five years ago, first-time buyers would typi-cally borrow £29,000 to buy their home, 2.22 times gross annual household income and, on average, put down a deposit of £1,500. In June this year, an FTB typically borrowed £123,000 or 3.47 times their income and put down, on average, a deposit of £31,000.

The Association of Mortgage Intermediaries, the Intermediary Mortgage Lenders Association and the Building Societies Association and other specialist trade bodies continue to make their own impact within their sectors.

It appears an apt time to salute the impact made by the CML and these other bodies which continue to champion their markets, support firms, address regulatory concerns and ensure voices are heard in the right places.