Mortgage lending sees improvement in February

DIY house selling may see a boost due to an increase mortgage lending activity last month.

Figures from the Council of Mortgage Lenders (CML) show that throughout the month, 32,300 loans were approved, totalling a value of £4.6 billion.

This marks an eight per cent rise in volume compared to January, but is 12 per cent lower than levels recorded in February 2010.

Bob Pannell, CML chief economist, commented: "Research suggests cash purchases have remained steady since the credit crunch, indicating that the housing market may be holding up better than the low mortgage lending levels suggest."

He added that a rise in interest rates is likely to lead to an increase in remortgaging activity throughout the course of 2011.

Ed Stansfield, property economist at Capital Economics, recently indicated that demand for commercial leases is strong at the moment, especially in areas where prime property is available.

  • Property News from Lawpack: buying or selling your own house? Straight-forward advice on DIY house selling.

Published on: April 11, 2011

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