The Council of Mortgage Lenders (CML) has revealed that UK mortgage lending increased in January as compared with the same month in 2011.
Gross lending was at £10.5bn, up 10% on the previous year, though down 12% on December, in keeping with the usual seasonal fall.
Although this marks the sixth month in a row of higher year-on-year lending, CML chief economist Bob Parnell remains cautious: ‘We should be careful not to overstate its significance, given the very low levels of activity we are starting from and the protracted and difficult economic rebalancing that the UK and other countries have embarked upon.’
It has also been surmised that the extra activity is due in part to the stamp duty concession, with first-time buyers attempting to get onto the housing ladder before the 1% duty rate is reintroduced on the 24th March.
Mortgage Lending up on a Year Ago, says CML - BBC News