Mortgage lending increases in January: UK Finance

Gross mortgage lending totalled £21.9bn in January, 9.7% more than a year earlier and slightly above the monthly average of £21.4bn for 2017, according to new UK Finance figures.

Related topics:  Finance
Rozi Jones
26th February 2018
house money
"This rise is likely to be a combination of people taking advantage of the great fixed rate mortgage deals that were on offer at the end of the year."

Eric Leenders, managing director of personal finance at UK Finance, said: “Gross mortgage lending in January increased by almost 10% compared to the same period last year, and was higher than the monthly average, as customers took advantage of mortgage deals on offer at the end of 2017.”

John Phillips, Just Mortgages and Spicerhaart group operations director, added: “The latest figures from UK finance show that gross mortgage lending in January is estimated to have been £21.9bn, this is 9.7% more than January 2017 and slightly above the monthly average of £21.4bn for 2017.

“This rise is likely to be a combination of people taking advantage of the great fixed rate mortgage deals that were on offer at the end of the year, and the stamp duty cut that was introduced for first time buyers in November. Thanks to the help to buy scheme and record low rates,  2017 saw the highest number of first time buyers in a decade, and with such a positive start to the year, I think 2018 could be even better.”

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