Mortgage lending figures for December 'surprisingly strong'

Posted: 25 Jan 2010 10:27:06 GMT

Mortgage lending figures for December have shown "surprising strength", one expert has stated.

Paula John, editor of Your Mortgage, says that the reason why the property market is becoming more buoyant is because of the increasing number of high loan-to-value deals.

Figures from the Council of Mortgage Lenders reveal that gross mortgage lending increased by 14 per cent in December 2009, compared to the previous month.

Lending amounted to a total of £13.7 billion during the last month of 2009.

Ms John goes on to add that so far, 2010 has been more upbeat for the housing market than many people would have previously anticipated.

However, she states that people are still "sitting tight" and not wanting to move house because of the 40 per cent minimum deposit that is required for the best home loan deals.

Mortgage lending during 2009 amounted to a total of £143.7 billion, down by 43 per cent in comparison with the previous year.

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