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Mortgage lending grows 11 per cent in January

Gross mortgage lending saw an increase of 11 per cent in January, rising to an estimated £26.5bn from £23.9bn in December.

The Council of Mortgage Lenders says that it reached a similar level to the £26.6bn in January 2007.

CML says that this is a good performance given the unsettled market conditions since last summer.

It says that typically lending is lower in January than in December.

Gross lending volumes are expected to be lower in the coming months following a fall in mortgage approvals towards the end of last year.

CML director general Michael Coogan says:“Gross lending held up well in January. However, there is considerable uncertainty in the housing market at the moment and we expect lending volumes to be lower in the coming months.

“It is likely that demand will be stronger for remortgaging than for house purchase in the short term. Home buyers might be more inclined to transact if their moving costs were reduced and the government has the opportunity to address this by raising stamp duty thresholds and cutting the rates of stamp duty in next month’s Budget.”

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