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CML reports rise in mortgage lending

CML reports rise in mortgage lending

The Council of Mortgage Lenders has reported a six per cent rise in mortgage lending in February.

Mortgage lending rose over the course of February.

During the month gross borrowing increased six per cent from the £8.7 billion seen in January to stand at £9.2 billion, research from the Council of Mortgage Lenders (CML) reveals.

The rise was described as "unusual", due to the distorted impact on lending that the end of the stamp duty holiday had in January and December.

Paul Samter, a CML economist, noted that an improvement in such home loan activity was expected but there could be choppy waters ahead.

Mr Samter said: "We expect emerging signs of improvement as confidence in the economy grows and we move past the election. However, the need for the authorities to address fiscal deficit will inevitably slow the economy".

Despite such growth, lending compared to February 2009 was down six per cent.

Previously, Simon Rubinsohn of the Royal Institution of Chartered Surveyors had noted that although borrowing in January dipped, the fall would only be temporary.

By Kate GuthrieADNFCR-2079-ID-19679832-ADNFCR
Friday, 19 March 2010 00:00
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