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House purchase lending demonstrated a considerable uptick in performance in November 2015, with an annual rise of almost one fifth.
Data published by the Council of Mortgage Lenders, also known as the CML, showed that homeowner house purchase lending in the UK totalled 10.7 billion in November last year.
This was down by nine per cent down on the preceding month`s results in October, but highlighted an 18 per cent annual increase from November 2014.
In addition, first-time buyer borrowing levels fell by nine per cent from October 2015, but were up by 14 per cent year on year - totalling 4.2 billion in November - while homeowner remortgage activity saw the same seasonal development.
Overall, home movers across the UK took out a total of 32,300 loans in November last year - a figure that was ten per cent lower than in October 2015, but again was up by nine per cent in comparison to the same month in 2014.
Responding to the results, the director general of the CML stated that mortgage lending activity underwent a seasonal dip in November last year - a move that had been expected, as the start of the winter months and the run-up to the festive season traditionally are a more quiet period for the UK mortgage sector.
However, the fact that annual growth across all mortgage types was still demonstrated highlights the industry`s continued improvement and growing strength as the economic recovery continues to take hold.
Looking forward, Mr Smee added that the body now anticipates that gross lending across the UK `will continue a slow but steady upward trajectory over the next two years.`
Now emerging from its traditional winter hiatus, the coming months are expected to see the UK property sector go from strength to strength, with rising lending volumes and more Brits planning home moves, house purchases and remortgage activity.
The CML also expects a concerted uplift in the buy to let mortgage sector during the coming months, with substantial year on year growth predicted for the market in 2016.
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