23
Feb
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.
