Gross mortgage lending up 43% on last year

The Council of Mortgage Lenders estimates that total gross mortgage lending was £15.2 billion in February.

This is 6% lower than January’s figure of £16.1 billion, but 43% higher than the £10.6 billion lent in February last year and the highest total for a February since 2008.
 
Commenting on market conditions in this month's Market Commentary, CML chief economist Bob Pannell observes: "Housing market indicators have continued to be strong over recent months, once seasonal factors have been taken into account.
 
“First-time buyers have benefitted most from the government’s Help to Buy initiatives, with the more recent mortgage guarantee scheme now starting to push typical loan-to-value levels higher.
 
“The housing market got a further boost from this week’s Budget. This, together with benign developments in the economy more widely, should bolster short-term sentiment and activity.”