42% rise in mortgage lending

The Council of Mortgage Lenders released their Market Commentary today. Within it is their view of the total gross mortgage lending. They reported that in February they estimate gross mortgage lending to be £15.2 billion which is 6% lower than that seen in January – which was £16.1 billion.

CML Gross Mortgage LendingThe Council of Mortgage Lenders released their Market Commentary today. Within it is their view of the total gross mortgage lending.

They reported that in February they estimate gross mortgage lending to be £15.2 billion which is 6% lower than that seen in January – which was £16.1 billion.

Although a fall in total lending, this is very positive as it is 43% higher that the low level of £10.6 billion lent out a year ago in February 2013. It is also the highest gross lending in February since 2008.

Commenting on market conditions in this months Market Commentary, CML chief economist Bob Pannell observes:

“Housing market indicators have continued to be strong over recent months, once seasonal factors have been taken into account.

“First-time buyers have benefitted most from the government’s Help to Buy initiatives, with the more recent mortgage guarantee scheme now starting to push typical loan-to-value levels higher.

“The housing market got a further boost from this week’s Budget. This, together with benign developments in the economy more widely, should bolster short-term sentiment and activity.”

The CML Market Commentary goes on to report that the housing market indicators continue to be strong in the recent months after you have taken into account seasonal factors.

First time buyers indeed have come off quite well with the support of the governments Help to Buy incentives. Indeed the recent expansion of the scheme with the mortgage guarantee scheme has gone to help increase the average loan-to-value levels.

Although there were no sweeping changes and improvements from the chancellors budget yesterday, the announced has at least gone to support the housing market by extending the Help to Buy equity loan scheme for another 4 years, up to 2020. With such a long extensions this will help remove uncertainty and support the new build sector.

Written by Julie Hanson

Julie is passionate about property – development, investment and portfolio planning. Along with husband Alec, Julie is actively building a property portfolio while helping others to do the same.

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