House prices in 2014 'to rise by 8%'

Rics says all areas of the country will see house prices increase, but transaction levels remain well below levels seen in 2006

The British housing market is ending the year strongly with mortgage lending rising by 30% in November, according to industry figures, with total borrowing for the year set to exceed expectations.

The value of home loans advanced to borrowers reached £17bn last month, up nearly a third on last year and putting the total value of home loans on track to hit £170bn in 2013, said the Council for Mortgage Lending.

The CML's chief economist, Bob Pannell, said coming restrictions on mortgage selling will keep a lid on lending next year, but estate agents were bullish about the prospects for 2014. The Royal Institution of Chartered Surveyors [Rics] said this week it expects demand to continue to outstrip supply, and the imbalance – driven by a lack of new housing – would lead to an 8% rise in prices next year.

Lending has been bolstered by the Bank of England's Funding for Lending scheme, which made more money available to banks and building societies to provide mortgages, and the second part of the government's Help to Buy programme, which offers a taxpayer-backed guarantee on 95% loans.

Pannell said gross lending, which does not take into account repayments, was set to reach £170bn in 2013 – higher than the group's forecast of £156bn but "a far cry" from the £363bn advanced in 2007 when the housing market was at its peak.

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