Halifax Bank of Scotland (HBOS), the largest of the UK's mortgage lenders, has said that the market will demonstrate "broad stability" in 2006.
The mortgage lender, which owns a range of building societies and provides several financial services, has outlined a number of predictions as part of its economic forecast for next year.
It states that the market for mortgages is expected to remain stable in 2006. Lending on mortgages is set to hit £290 million next year, a figure that is £6 billion more than was seen in 2005.
HBOS also expects more first time buyers to enter the market as affordability levels will improve.
The mortgage provider also states that remortgaging will constitute around 45 per cent of all gross lending in 2006 – a similar percentage to that which was seen this year.
Commenting on the forecast, Martin Ellis, chief economist at HBOS, said: "The cost of owning a home will increase driven, in particular, by bigger council tax and utility bills.
"Non-mortgage related housing bills could account for 70 per cent of the cost of owning a home next year."
Mr Ellis added that general economic growth will continue in the UK and high levels of employment, "robust earnings" and potential cuts to interest rates will "support housing demand during the coming year".
HBOS forecasts stability for mortgages
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HBOS forecasts stability for mortgages
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