Increase in mortgage lending for January

[Adam Davies]

Gross mortgage lending rose to an estimated £26.5 billion in January, up 11% from £23.9 billion in December, and reached a similar level to January 2007 when it was £26.6 billion, according to the Council of Mortgage Lenders.

This is a good performance given the unsettled market conditions since last summer. Typically lending is lower in January than in December. However, gross lending volumes are expected to be lower in the coming months following the fall in mortgage approvals recorded by the Bank of England towards the end of last year.

Source CML