Strong mortgage lending looks set to continue in 2007, suggesting that demand for property could continue to support the growth in house prices.

According to the British Bankers’ Association (BBA) lending figures for November, gross lending hit a record £21.4 billion.

This was 13 per cent higher than October’s figure and 19 per cent more than November 2005.

“The high number of loans approved in November, which is not usually a strong month, suggest that the trend in mortgage lending will continue to be robust over the next few months,” said David Dooks, director of statistics at BBA.

There were also nine per cent more loan approvals for house purchase year on year, which had a total value of 23 per cent more than November 2005.

Many people find that one way to increase their property investment without moving is to make improvements to their existing property.

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Author:  Joanne McCabe