The rate of mortgage lending slowed by 9% in November month on month, according to the latest data. As the year comes to a close, the UK housing market is still seeing a jump in the growth of housing price increases. It is also seeing the remortgage sector continue its flurry of activity. Lending is maintaining its high activity level as well as this November saw an increase of 23% compared with the same time last year.

UK housing market mortgage lending is finishing the year in a stronger position compared to the start of the year. Council of Mortgage Lending economist Mohammad Jamei commented on the current pace of lending, saying: “As we’ve said for the best part of 2015, lending continues to be supported by strong fundamentals, which are low inflation, strong wage growth, an improving labour market and competitive mortgage deals.”

Jamei added: “Reflecting this recovery, we estimate lending this year to reach £214 billion, up from our earlier estimate of £209 billion. Looking ahead, upside potential appears limited as a result of affordability pressures and new supply challenges which will continue to weigh on activity.”

Adrian Gill, director of Reeds Rains and Your Move estate agents, commented on the short term outlook for the market starting the New Year, saying: “When we consider that many of these loans will have been agreed before the added impact of the Chancellor’s Autumn Statement housing announcements, it bodes well for early performance in 2016.”

Gill continued: “With a new stamp duty levy for second homes coming into play next April, there will only be a further rush to secure buy to let investment before the cost of completing a purchase rises.