Mortgage lending bounced back in January 2011



Mortgage lending bounced back during January as the property market recovered some of the ground it lost due to the severe winter weather in December, figures showed today.


Net lending, which strips out redemptions and repayments, rose to £1.8 billion, its highest level for a year, and a significant turnaround from the previous month, when it had contracted by £268 million, according to the Bank of England.

There was also a 7% rise in the number of mortgages approved for house purchase, with these increasing to 45,723.

But despite bouncing back from December's 21-month low, the number of loans in the pipeline for people buying a new home were still lower than they had been in November.


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