CML reports 25bn in mortgage lending

Gross mortgage lending had its highest February ever at 24.6bn, figures from the Council of Mortgage Lenders reveal.

Although lending was down by 7% on the 26.6bn recorded in January, it is up by 9% on the 22.5bn of lending in February last year.

Michael Coogan, director general at CML, says: “This is the highest February lending figure on record, and reflects the continuing strength of the market and the strong desire of many people to get a foot on the property ladder or move house.

“Recent speculation about whether or not interest rates will go up seems to have had little impact upon lending levels and we still expect gross lending to reach around 360bn this year.”