U.K. Mortgage Lending Falls In January

U.K. Mortgage Lending Falls In January




Mortgage lending in the United Kingdom decreased from the previous month in January, preliminary data from a survey by the Council of Mortgage Lenders showed Monday.
The gross value of mortgage lending declined 14 percent to GBP10.5 billion in January from GBP12.2 billion in December.
Year-on-year, gross mortgage lending increased 10 percent during the month, marking the fifth consecutive yearly growth.
"The increase in lending compared to January last year helps support our view that housing and mortgage market activity may be boosted by first-time buyers seeking to complete deals before the stamp duty concession ends in March," CML chief economist Bob Pannell said.
"Should inflationary pressures continue to fall back, the squeeze on household finances should ease progressively and help support stronger economic recovery going into the second half of the year."


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