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Year-on-year rise in mortgage lending
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The future of the UK property market remains uncertain, despite a year-on-year rise in mortgage lending last month, according to a new report.
The Council of Mortgage Lenders (CML) said gross mortgage lending hit £11.7 billion in December, making it the sixth consecutive month to see year-on-year growth.
Gross lending was 12% higher last month than it was in December 2010. However, it was also 12% lower than the figure recorded in November 2011.
The CML said mortgage lending for the whole of last year stood at £140 billion, compared with just £136 billion in 2010.
Bob Pannell, the organisation's chief economist, said the eurozone crisis has made it hard to predict mortgage funding prospects with much certainty.
He added: "The closing months of 2011 saw stronger mortgage lending activity and housing transactions, despite the fact that short-term economic prospects are challenging."
In the closing quarter of 2011, lending rose by 11% on a year-on-year basis.
Copyright Press Association 2012
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