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CML reveals 10% year-on-year rise in January lending
Gross mortgage lending declined to an estimated £10.5bn in January compared with £12.2bn in December.
Mortgage lending in January stood at around £10.5bn, 10 per cent up on the total of £9.5bn in the same month in 2011, according to new data released by the Council of Mortgage Lenders.
The figure was down 16 per cent on the £12.2bn recorded for December, though the CML stated that a seasonal decline is expected and that January was the sixth month in a row of higher year-on-year lending.
Bob Pannell, chief economist of the CML, said: “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.
“Should inflationary pressures continue to fall back, the squeeze on household finances should ease progressively and help support stronger economic recovery going into the second half of the year.
“This can only be good news for the housing market further down the track.”
