Mortgage Market Recovery Green Shoots? asks London Mortgage Broker, London Mortgage Advice Wednesday, 14th April 2010

It has been claimed,an increase in the number of loans advanced for house purchase signals a 'modest recovery' in the mortgage market.
35,000 house purchase loans were approved in the second month of 2010,figures released by the Council of Mortgage Lenders show

Although the end of the stamp duty holiday and cold weather meant the mortgage market was particularly subdued that month, this constitutes a 12 per cent improvement on the level seen in January,.

"With the supply of credit still tight and the upcoming election causing political uncertainty, we are unlikely to see much change in the near future although the new stamp duty exemption for first-time buyers could boost the market somewhat and we hope to see the traditional seasonal pick-up as the weather gets warmer and the days get longer," confirmed Bob Pannell, head of research at the CML.

Meanwhile, on a seasonally-adjusted basis,figures released by Communities and Local Government show house prices were 0.1 per cent lower in February than they were in January