Investment Property News - Bueno Investments Limited

New figures show there was an unexpected jump in mortgage lending during January with total advances increasing by 11%.

The Council of Mortgage Lenders said £26.5bn was lent during the month, up from £23.92bn in December, and in line with the figure for January last year.

The group said it was a good performance given the unsettled conditions in both the housing and mortgage markets since last summer.

Mortgage lending is traditionally lower during January than in December, as a result of lower loan applications in December as consumers instead focus on Christmas.

But despite the unexpected data, the CML warned that volumes are expected to be lower in the coming months following a fall in mortgage approvals towards the end of 2007.

Michael Coogan, director-general of the CML, said: “Gross lending held up well in January. However, there is considerable uncertainty in the housing market at the moment and we expect lending volumes to be lower in the coming months.”

Copyright © PA Business 2008

http://www.buenoinvestments.com/uk_property_investment.php (UK property)

http://www.cml.org.uk/cml/statistics (Council of Mortgage Lenders)