19 Mar

Mortgage lending 'up last month'

Mortgage lending 'up last month'

The amount of money lent to homeowners in the form of mortgages rose in February, it has been noted.

New figures from the Council of Mortgage Lenders (CML) reveal that an increase of six per cent was recorded during the 28-day period compared with January.

Over the course of the month, a total of £8.7 billion was provided for the purposes of home ownership.

Responding to the findings, CML economist Paul Samter said: "As we look forward, we expect emerging signs of improvement as confidence in the economy grows and we move past the election."

However, he went on to note that the country can expect to see continuing price fluctuations in the medium-term.

Earlier this month, the Financial Services Authority revealed that lending for property purchases accounted for 62 per cent of new advances and 63 per cent of new commitments in the mortgage market during the latest quarter.

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