Gross mortgage lending fell 8% in February

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."