Annual increase on mortgage lending is up 10%...

Although mortgage lending had fallen by 14.4% in January 2012 it was 10% higher than in January 2011. This was partially due to the government's stamp duty holiday on properties worth up to £250,000 meaning that first-time buyers were rushing to finalise house purchases before it came into play. According to the Council of Mortgage Lenders, gross lending of £10.5billion has marked the sixth month of year-on-year rises. It said the deadline on 24 March for the end of the stamp duty-free period had boosted activity, while the month-on-month drop was due to an "expected" seasonal decline. However, that seasonal decline was more marked than 12 months ago – the fall in lending from December 2010 to January 2011 was 10.15% compared to this year's 14.4% drop. Need conveyancing? Visit www.helpfulconveyancing.co.uk