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Outstanding mortgage debt is set to reach £1 trillion for the first time in
early May, according to the Council of Mortgage Lenders (CML).
But despite this, the group said the debt was dwarfed by the equity contained in
property.
The council said borrowers' homes were collectively worth £3.6 trillion more
than the value of the mortgages taken out to buy them, with housing equity the
largest component of wealth for people in the UK.
Despite increased lending, the CML said there were few signs that borrowing had
reached its limit, with continuing growth expected for the foreseeable future.
Michael Coogan, Director General at the CML, commented: "The £1 trillion
threshold is clearly a landmark, but it does not have any particular
significance for policy-makers or others.
"Although it is a milestone, it will perhaps soon be forgotten as home ownership
and mortgage lending continues to grow further.
Source:
Getting Paid
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