UK Gross Mortgage Lending Drops In January

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UK's gross mortgage lending decreased 32% to GBP 9.1 billion in January from GBP 13.4 billion in December, a report from the Council of Mortgage Lenders said on Thursday. This was the lowest monthly total since February 2000. The mortgage lending fell 21% from GBP 11.5 billion recorded in January 2009.

Paul Samter, CML economist said, "More recent developments have been influenced by the end of the stamp duty holiday, and are likely to foreshadow a larger than usual seasonal drop off in activity in the early part of this year."

"However, the Bank of England is likely to keep rates low which should continue to mitigate mortgage payment problems and help cushion borrowers from the worst of the recession." he added.

UK's gross mortgage lending decreased 32% to GBP 9.1 billion in January from GBP 13.4 billion in December, a report from the Council of Mortgage Lenders said on Thursday. This was the lowest monthly total since February 2000. The mortgage lending fell 21% from GBP 11.5 billion recorded in January 2009. (Market News Provided by RTTNews)