Gross Mortgage lending down in February

The CML Gross Mortgage LendingCouncil of Mortgage Lenders reported that in February the Gross Mortgage Lending was £10.5 billion.

This was down by 8% against that reported in January, which was £11.4 billion.

However the February 2013 figure is still 1% above the comparable figure in February 2012.

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

“There continue to be signs of improvement in activity and sentiment in the housing and mortgage market sector, despite headwinds from a challenging economic backdrop. With relatively strong house purchase numbers and subdued remortgage activity, the underlying position does not appear to have changed much over recent months.

“Further policy intervention in the housing market is expected in today’s Budget and if so, it is important that any policy objectives are clearly articulated.”

Some further key points from the Market Commentary are:

  • With the Chancellor facing limited room for fiscal manoeuvre, he may see changes in the monetary framework as helpful to supporting UK economic growth.

  • The recent picture of relatively strong house purchase numbers and subdued remortgage activity continues.

  • The funding for lending scheme appears to be helping support modestly higher first-time buyer activity.

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