UK Mortgage Approval News

December’s approvals data from the Bank of England suggests that the profile of January’s lending continued to be one of resilient house purchase demand alongside a levelling-off in remortgage activity.

Gross mortgage lending declined to an estimated £10.5 billion in January. Lending fell by 14% from £12.2 billion in December but was 10% higher than the total of £9.5 billion in January 2011, according to the Council of Mortgage Lenders.

Although a seasonal decline is expected, January was the sixth month in a row of higher year-on-year lending.In today’s CML market commentary, CML chief economist Bob Pannell comments:

“The increase in lending compared to January last year helps support our view that housing and mortgage market activity may be boosted by first-time buyers seeking to complete deals before the stamp duty concession ends in March.

UK Mortgage News