CML sees mortgage market improvement in February
Slight improvement in the mortgage market was reported by the Council of Mortgage Lenders (CML) in February, although the organisation notes that January was a particularly downbeat month by normal standards.
As a result, in February the annual change was a 12 per cent drop in both mortgage volume and approval numbers.
In the previous month, five per cent less activity in funds and eight per cent less in approval numbers was reported by those involved in the CML research.
February saw a total of £4.6 billion approved by mortgage lenders for 32,300 different property transactions.
An increase in remortgaging activity was also seen in February, which could be an indication of homeowners trying to lock in favourable interest rates ahead of any potential rise in the base rate.
With the Monetary Policy Committee holding the figure at 0.5 per cent for over two years, many economists are now looking to May and the publication of the quarterly Inflation Report to see if an increase may finally be prompted.
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