Mortgage providers have revealed that lending in the UK market fell dramatically last month.
According to the Council for Mortgage Lenders (CML), gross lending for home loans fell by 32 per cent compared with December to £9.1 billion.
The decline in lending has, in part, been attributed to the rush to conclude mortgage deals before the end of the stamp duty holiday .
Paul Samter, the CML's chief economist, explained that the hangover has been created by changes to the stamp duty threshold.
He said: "Recent developments have been influenced by the end of the stamp duty holiday, and are likely to foreshadow a larger than usual seasonal drop off in activity in the early part of this year."
Meanwhile, the CML recently announced that it is to support the Treasury's proposal to extend regulation to cover second-charge mortgages and to ensure that borrowers are protected when mortgage books are sold on.
Stamp duty hits mortgage lending
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Stamp duty hits mortgage lending
Fri, 19 Feb 2010
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