According to new figures from the Council of Mortgage lenders (CML) mortgage lending increased during February.
Gross lending for home loans in the UK during the month rose by 6% compared with January to an estimated £9.2bn.
This is welcome news following a slowdown in January when stamp duty relief was brought to an end, causing a sharp dip in purchasing activity. The rise is particularly good news given that February is the shortest month of the year and figures generally tend to be a little lower for the month as a result.
Spring time usually results in a bounce in transactional activity within the housing market. Already we are seeing an increase in available stock and this should generate an increased level of purchases. We anticipate that the next set of lending figures will show a relatively strong increase as a result.
