Mortgage lending has record month

Mortgage lending has record month

Wednesday, March 21, 2007

Gross mortgage lending had its highest February ever at £24.6 billion according to the Council of Mortgage Lenders.

Although lending was down by 7% on the £26.6 billion recorded in January, it is up by 9% on the £22.5 billion of lending in February last year.

Commenting on today's data, CML Director General Michael Coogan said: "This is the highest February lending figure on record, and reflects the continuing strength of the market and the strong desire of many people to get a foot on the property ladder or move house.”

“Recent speculation about whether or not interest rates will go up seems to have had little impact upon lending levels and we still expect gross lending to reach around £360 billion this year.”

The Building Societies Association also said that February was a record month for lending. Moreover, mortgage loans approved but not yet made had hit a record for the month of February of £5.4bn, it said.

However BBA's David Dooks suggested the market was easing. "February's rise was below the recent trend, suggesting a moderating demand in the market," he said.

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