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Gross mortgage lending up 14% year-on-year in February

Gross mortgage lending in February was almost identical to the previous month but increased significantly year-on-year, according to data from the Council of Mortgage Lenders.

Lending in February was an estimated £10.7bn, relatively unchanged on January’s £10.65bn and 14% higher than Feburary last year.

Bob Pannell, chief economist at the CML, says that while a seasonal decline is expected over the winter months, February was the seventh consecutive month to see a year-on-year rise in lending.

He says: “This indicates that lending for house purchase remains brisk in advance of the ending of the Stamp Duty concession.”

He adds that the NewBuy Guarantee scheme has the potential to offset the dip in first-time buyer activity that may come with the end of the Stamp Duty holiday on March 24.

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