UK Money News
20th February 2008
Gross mortgage lending up 11% in January
Gross mortgage lending was up 11 per cent during January, new data from the Council of Mortgage Lenders (CML) shows.
Traditionally mortgage lending during January slows as a result of consumers focussing on Christmas during December and consequently deferring their mortgage applications.
In contravention of received wisdom, however, this year lending rose to £26.5 billion during the month.
However, according to Michael Coogan, director general of the CML, the upturn is not set to last, with lending volumes expected to decrease steadily over the course of this year.
He said: "Gross lending held up well in January. However, there is considerable uncertainty in the housing market at the moment and we expect lending volumes to be lower in the coming months.
"It is likely that demand will be stronger for remortgaging than for house purchase in the short term."
Lending during December last year hit a yearly low of £23.9 billion.
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