Mortgage lending 'on the rise'

Mortgage lending is ten per cent stronger now than it was a year ago, the latest sign that confidence is returning to both lenders and buyers.

According to data from the Council of Mortgage Lenders (CML), gross mortgage lending of £10.5 billion in January was ten per cent up on the same month last year, when the total was £9.5 billion.

Although there was a decline compared to December, a seasonal fall was to be expected. In fact, January represented the sixth consecutive month in which lending was up on last year.

CML chief economist Bob Pannell commented: "Housing and mortgage market sentiment has improved a little over recent weeks.

"The increase in lending compared to January last year helps support our view that housing and mortgage market activity may be boosted by first-time buyers seeking to complete deals before the stamp duty concession ends in March."

According to the CML, there are 11.2 million mortgages in the UK, with loans together worth approximately £1.2 trillion.

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