Gross mortgage lending remains still for February



Mortgage

Mortgage

February saw gross mortgage lending in the UK sit relatively still compared with February last year, sitting at 9.5 billion pounds, reported the Council of Mortgage Lenders today.

Last month saw gross lending at £9.475billion, which the CML pointed out was almost identical to February.

CML economist Bob Pannell said, “There is little in the latest batch of market data that would cause us to revise our market forecasts for 2011, and nothing that alters our underlying view that this is going to be a challenging year for households and the housing market.”

“The housing market remains stuck in a rut.”

Depressed house prices since the middle of 2010 have been blamed on the Governments plans to fix the economy, sluggish wage growth and limited mortgage availability.

Economists think that house prices will continue to fall, before finally picking up again next year.

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