The Council for Mortgage Lenders (CML) has published its analysis on the UK economy and lending figures.
Domestically, the employment market is looking especially strong, with the highest proportion of working-age people in employment since records began, and the lowest number of people unemployed since 2008. The positive portrait of the UK economy is improved by the low interest rate environment, both within the UK and globally, as concerns about global prospects have lowered market expectations of an interest rate rise. The CML believe that the UK may not see its first interest rate rise until 2017.
The CML also report strong figures on mortgage lending, with annual growth in mortgage balances reaching 3% for the first time since 2008, although it is still lagging behind consumer credit. The CML figures also show that the number of both first time buyers and movers have increased both year-on-year, and for the last 4 months in a row.