LONDON (MNI) – Gross mortgage lending fell 14.1% on the month in
January but was up 10.2% on a year ago, according to Council of Mortgage
Lenders data.
As the CML figures are not seasonally adjusted it said the monthly
fall in January was not unexpected. The 10.2% rise on the year, however,
only show gross mortgage lending coming back from exceptionally low
levels.
This January gross mortgage lending stood at Stg10.5 billion, up
from Stg9.526 billion a year ago and well below the recent peak of
Stg13.637 billion seen in September.
“Housing and mortgage market sentiment has improved a little over
recent weeks,” CML chief economist Bob Pannell said.
“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,” Pannell added.
Rightmove, which records house asking prices, noted a spike in
January in part due to the looming end of the stamp duty property
transaction tax break.
–London bureau: +4420 7862 7491; email: drobinson@marketnews.com
[TOPICS: M$B$$$,MABDS$]
