Gross mortgage lending 10% stronger than year ago

By the Beresfords Marketing Team - 12th March 2012

Lending in December 2011 was 10% higher than the total of £9.5 billion in January 2011, according to the latest data from the Council of Mortgage Lenders (CML).

Although a seasonal decline was expected, January was the sixth month in a row of higher year-on-year lending.

In the latest CML market commentary, chief economist Bob Pannell 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."

For further information, contact Beresfords Mortgages on 0800 389 9986