Borrowing to buy homes stays strong
Mortgage lending has remained "resilient" despite recent tax changes and economic uncertainty, according to banks and building societies.
Paul Smee, director general of the Council of Mortgage Lenders, made the comments as the CML's figures showed that first-time buyers borrowed a total of £4.7bn in November, up 4% on October and a 9% increase compared with November 2015.
Home-movers borrowed £6.3bn in November. That figure was down by 5% compared with a year earlier, but still a 7% increase compared with the previous month.
Elsewhere, landlords borrowed £3.2bn in November, down 9% year-on-year, but up by 10% compared with October.
The CML said buy-to-let activity saw its strongest monthly lending level since a stamp duty hike for this sector came into force on April 1 last year.
Buy-to-let lending dropped off sharply after the tax increase was introduced.