22 Mar

Mortgage lending falls in February

Mortgage lending falls in February

The past few months have proven to be good for estate agents, ever since the news from the Royal Institute of Chartered Surveyors (Rics) showed that demand was seriously picking up from December of last year.

According to the Council of Mortgage Lenders (CML), though, this has experienced a fall in February, with the mortgage lending figures taking a hit as a result.

The organisation reported that the gross value of house purchase loans approved in February amounted to some £10.5 billion.

While this was higher than the £10.4 billion seen a year ago in 2012, there was a considerable drop of eight per cent when compared to the £11.4 billion that was loaned throughout the traditionally fast month in January.

The fact many people opt to move in early weeks of the year, spurred on by a desire for change alongside their resolutions meant that the drop did not concern the CML too much.

Bob Pannel, the organisation's chief economist, said: "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."ADNFCR-1222-ID-801561298-ADNFCR

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