Mortgage lending rose in February
THE Council of Mortgage Lenders reports a small monthly rise in lending for house purchase in February.
But the numbers are still down year on year. There were 32,300 house purchase loans, up eight per cent from January but 12 per cent down on February 2010. Of these, 12,400 loans were to first-time buyers, a rise of 13 per cent from January, but still down 11 per cent on February 2010’s figures. There were 19,900 loans to home-movers, up six per cent from January but 12 per cent down over the year. First-time buyers in February typically borrowed 80 per cent of the property’s value. Raising a large deposit remains a major barrier for first timers.