News
February mortgage lending rises slightly
23 March 2010
The number of mortgage approvals increased during February, but only marginally, according to the British Bankers’ Association (BBA). The number of new mortgages approved by banks rose to 35,275 during the month, compared with 35,154 in January. The low interest rate environment also saw remortgaging activity remain relatively low.
The BBA commented that the mortgage industry continued to be restrained following the end of the stamp duty holiday last year, which helped to revive the housing market by increasing the stamp duty threshold from £125,000 to £175,000. There are positive signs emanating from the Government that the upcoming Chancellor’s Budget report will include additional measures to sustain the housing market recovery.
The figures released by the BBA have been mirrored by the Council of Mortgage Lenders (CML), whose statistics also indicated only a slight rise in mortgage lending during February.
David Dooks of the BBA, added: “House purchase approvals were some 16% higher in February last year but still well below the figure in December as the aftermath of the year-end chance to stamp duty was still working through.”
Source: Home move
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