Gross mortgage lending had its highest February ever at £24.6 billion, according to the Council of Mortgage Lenders (CML). Although lending was down by 7% on the £26.6 billion recorded in January, it is up by 9% on the £22.5 billion of lending in February last year.
Commenting on the data, CML Director General Michael Coogan said: "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 £360 billion this year."
The Council of Mortgage Lenders' members are banks, building societies and other lenders who together undertake around 98% of all residential mortgage lending in the UK. There are 11.6 million mortgages in the UK, with loans worth over £1 trillion.
