January mortgage lending hits all-time high

Although the figure was down by 6% on the £28.5bn lent in December, it is up by 16% on the January 2006 figure of £23bn. Michael Coogan, director general of the CML, says he expects the strength in mortgage lending to continue over the next few months, but what happens to it later in the year depends on what happens to interest rates. Figures from the Building Societies Association (BSA) reveal building society gross advances were £4.1bn in January 2007, compared to £3.2bn in January 2006. Mortgage approvals were £4.2bn in January, up from £2.9bn the previous year, while net advances ...