CML: "Mortgage lending up"

Posted: 20 Feb 2008 10:43:37 GMT

UK homeowners have been boosted by the news that gross mortgage lending increased in January.

UK homeowners have been boosted by the news that gross mortgage lending increased in January.

The Council of Mortgage Lenders (CML) has revealed that lending increased by 11 per cent month-on-month.

The figure was also only just below the £26.6 billion of lending witnessed in January 2007.

However, although the CML has expressed its pleasure with the results, it is calling on chancellor Alistair Darling to do more to boost the mortgage market.

"Gross lending held up well in January," confirmed Michael Coogan, director general of the CML.

"Homebuyers 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," he concluded.

Mr Darling will deliver his first Budget on March 12th, with speculation rife that he will announce that the stamp duty threshold is to be raised.

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