23 Feb

Mortgage lending 'may rise after cold weather ceases'

Mortgage lending 'may rise after cold weather ceases'

Mortgage lending activity in the UK may increase once the cold winter weather ends, comments made by one expert imply.

According to David Dooks, statistics director at the British Bankers' Association (BBA), such conditions seen last month, coupled with the fact that the stamp duty holiday had come to an end, served to suppress market activity.

On December 31st, the government ended the arrangement whereby people buying homes worth under £175,000 did not have to pay the levy.

It introduced the measure in the wake of the credit crunch in a bid to restore the property market to health.

Commenting on the January figures for the main high-street banks, Mr Dooks said: "It was no surprise to see the January mortgage figures falling back from December, when transactions were being pushed through to beat the end of stamp duty relief."

The proportion of those seeking properties who were first-time buyers was high towards the end of last year as people rushed to beat the deadline.

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