1 Feb

Lending market 'is in better shape'

Lending market 'is in better shape'

The lending market at the end of 2009 was in much better shape than it was 12 months previously, it has been asserted.

Paul Samter, economist at the Council of Mortgage Lenders (CML), stated that the Bank of England's figures relating to mortgage lending in December 2009 showed that the market has improved over the past year.

According to the data released by the financial institution, total net lending secured on dwellings increased by £1.2 billion in the final month of 2009.

Mortgage approvals dropped slightly when compared with November, but were still up when compared with the previous six-month average, the Bank of England revealed.

Commenting on the information, Mr Samter pointed out that the deadline to beat the stamp duty increase, which expired at the end of December, could account for the rise in borrowing.

"It should be no surprise if January and February this year appear particularly slow, if we are correct in our view that many buyers rushed to beat the stamp duty concession deadline," he said.ADNFCR-1222-ID-19590733-ADNFCR

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