Total UK
mortgage borrowing is set to exceed the £1 trillion mark by next month, according to the Council of
Mortgage Lenders (CML).
The current levels of
mortgage lending reflect the dramatic rise in home-ownership, rising from 60 per cent to 70 per cent during the last 20 years.
However, 80 per cent of people are still aspiring to be
homeowners, leaved a marked gap between those who own
property and those would like to.
This is something recognised and being targeted by the government who hope to help another million people become
property owners by 2010. It also has the long-term aim of expanding home-ownership to three-quarters of the population.
The CML predicts that
mortgage lending has yet to reach its "natural limit", with further growth still anticipated.
Speaking about the rate of mortgage
borrowing, the CML's director general Michael Coogan 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 continue to grow further."
He added that the CML did however remain committed to encouraging the expansion of sustainable homeownership, which they see as a means of creating "wealth and independence" for the population.
