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Gross mortgage lending £10.5 billion in February, says CML

20 Mar 13

Gross mortgage lending £10.5 billion in February, says CML

The Council of Mortgage Lenders estimates that total gross mortgage lending declined to £10.5 billion in February. This is 8% lower than January’s gross lending figure of £11.4 billion but a 1% increase from £10.4 billion in February 2012.

Commenting on market conditions in this month's Market Commentary, CML chief economist Bob Pannell observes:

"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. With relatively strong house purchase numbers and subdued remortgage activity, the underlying position does not appear to have changed much over recent months.

"Further policy intervention in the housing market is expected in today’s Budget and if so, it is important that any policy objectives are clearly articulated."

Notes to editors

1. The Council of Mortgage Lenders' members are banks, building societies and other lenders who together undertake around 95% of all residential mortgage lending in the UK. There are 11.3 million mortgages in the UK, with loans worth over £1.2 trillion.

2. The Council of Mortgage Lenders does not publish statistics for mortgage approvals. The data in our monthly Regulated Mortgage Survey and gross lending press releases relate to mortgage advances only. A mortgage approval is the firm offer to a customer of a specific amount of credit secured against a particular property. A mortgage advance is the total amount of loan actually provided to the buyer, by the lender.

3. Next month’s gross lending press release and market commentary will be published on 19 April 2013.

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