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Mortgage lending sets new January record

Tuesday, 21 February 2006 12:00 AM

Mortgage lending in January was at record levels, with consumers increasingly confident that house prices are unlikely to fall.

Gross mortgage lending totalled £23 billion last month - the highest January lending figure on record and nearly a third higher than the figure of £17.4 billion for January 2005.

But the figure was 14 per cent down on December's figure of £26.9 billion, and below the recent high of £27.7 billion in November, according to the Council of Mortgage Lenders (CML).

Figures from the Building Societies Association, meanwhile, show that mortgage approvals in January were at their highest level since November 2003

"Mortgage lending in all categories has been strong in recent months," said CML director general Michael Coogan.

"This reflects the fact that consumers are feeling more certain about the future of the housing market and confident that house prices are unlikely to fall.

"The interest rate outlook for the near future is for stable rates. Our recent figures show that the majority of new borrowers are taking out fixed-rate loans to provide payment certainty at affordable cost. The mortgage market looks set for continued steady growth against a backdrop of pretty positive economic conditions."

Duncan Pownall, mortgage development manager for Bradford & Bingley, said: "As house prices grow and interest rates remain stable, borrowers are choosing to act now.

"The strong levels of fixed rate borrowing may indicate that borrowers are stretching themselves happy that their payments will remain fixed at a manageable level."

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