Small improvement for mortgage market in February

Mortgage lending increased slightly in February after a particularly downbeat January, according to figures from the Council of Mortgage Lenders.

There were 32,300 loans for house purchase, worth £4.6 billion, up 8% by volume and 5% by value from January, but down 12% (by volume and value) from February 2010.

Remortgage lending also increased in February, from 23,200 to 24,300 worth £2.9 billion, a 5% increase in volume (no change in value) from January and up 3% by volume and down 3% by value from the same month last year. The Bank of England's large increase in remortgage approvals in early 2011 has not yet fed though to completions but is expected during the next few months.