February rise in mortgage lending

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February rise in mortgage lending

February saw an 2% rise in gross mortgage lending, despite the uncertainties surrounding the housing market. Figures from the CML put gross lending for February at around £23.5 billion compared to £20.9 billion in December of last year.
The November figure was 20% behind September and the lowest monthly figure since May 2006. The CML is expecting it to decline soon and the market to be driven by remortgaging.
Gross lending held up well in January. There is uncertainty in the housing market and we expect lending volumes to be lower in the coming months. The Government should to lower stamp duty as home buyers might be more inclined to buy if moving costs were reduced.
The falling house prices and reduced mortgage lending are the biggest short term threats to the UK economy. In its January survey the Royal Institution of Chartered Surveyors has found that the number surveyors reporting house price falls grew for the sixth consecutive month.

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