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N&P: £1 trillion in mortgages will not affect market

06 May 2006
Lending for house purchases is likely to pass the £1 trillion mark next month, according to the Council of Mortgage Lenders (CML).

However, the CML's groundbreaking news will have little effect on the market itself and is more of a headline-grabbing figure than something of any substance, claims Norwich and Peterborough Building Society (N&P).

The building society's product manager, Richard Barker, says that continued growth within the industry is likely to see this figure eclipsed before long, regardless of how many waves it makes in the national press.

"The £1 trillion figure is a landmark," he said, "[but] it will probably be forgotten about fairly quickly as mortgage lending continues to grow further.

Mr Barker concluded that the milestone "does not have any wider implications for the mortgage industry" and that lending growth was substantial enough to prevent any scaremongering of a price collapse amongst brokers, lenders and borrowers.

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