The figure is 9% lower than October at £18.6bn, and exactly matches the November lending figure last year.
CML economist Mohammad Jamei said: “Current activity in the housing market has eased with transactions back down to levels seen almost a year ago.
“The reform in Stamp Duty is likely to provide a modest short-term boost in activity over the next few months, but its impact will fade away in the medium term.”
Jonathan Harris, director of mortgage broker Anderson Harris, said: “With the Bank of England suggesting that the first interest rate rise won’t be until the end of next year, at the earliest, this will boost activity in the mortgage market. Many lenders are cutting their rates in an effort to generate more business. There are some great mortgage offers around for those buying or remortgaging, and this will continue well into next year.”
Earlier this week the Council of Mortgage Lenders (CML) published its market forecasts for the next two years. Including ‘tentative growth in all sectors of mortgage borrowing.’
It concluded that industry gross lending will climb from £207bn this year, to £222bn in 2015, spread across regulated and buy-to-let lending, house purchase and remortgages.
The CML predicted growth to £240bn in 2016, as “cash purchases ease back and nominal income growth supports resilient house prices and loan values.”
