£21.8 bn worth of mortgages were lent in February, the Council of Mortgage Lenders (CML) reveals today.
This figure is a new benchmark for the month, yet it was 5% lower than January 2006's £23 bn. This is of little concern however as February is the worst month of the year for the property market, after autumn, mid-winter, after Christmas bonuses have been spent, and prior to seasonal upswing in spring.
February's figures are 22% higher than 2005 and this is the fourth month in a row where new seasonal highs have been recorded.
Mortgage lending and house-buying are set to remain well supported over 2006. The economy is healthy and interest rates appear stable. Yet, the latest mortgage approval figures show that an upward trend in activity may be drawing to a close.
Low interest rates ensure that mortgages are affordable. Although house price inflation is speeding up and confidence returning, more first-time buyers are entering the market after realising that they ought not to let it be too long prior to stepping onto the property ladder.
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February Record for Mortgages Wed, 22 Mar 2006
     Recommended linksFebruary sees property price boostMortgages Borrowed Figures Rise Mortgage Lending Rises By 25 Per Cent For the Right Mortgage for You |
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