MORTGAGE VOLUME UP IN JANUARY

February 19, 2016 by in category Mortgage News with 0 and 0

In further signs that the housing market is set for an active year, mortgage lenders in the UK have reported their strongest January since 2008, and the Council of Mortgage Lenders (CML) said that £17.9bn of home loans had been handed out across the UK during the month.

Experts said that cheap mortgage deals, reduced expectations that interest rates will soon start to rise and schemes such as Help to Buy boosted the market, with buy-to-let investors also pushing house sales through to beat a looming stamp duty hike.

Since £25.2bn worth of mortgages were handed out during the month in 2008, that marks the highest lending total for the month of January.

Most probably  the strong lending month in January was likely to have been partly down to buy-to-let investors rushing to complete purchases before a three percentage point stamp duty hike above current rates comes into force for this sector in April coupled with the expectations that interest rates were not going to be rising in the short term.

 

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