Mortgage lending hits highest January level in five years

House purchase lending recorded its highest January total since 2008, according to figures released by the Council of Mortgage Lenders. A total of 38,300 loans were advanced for house purchase in January, down on the 45,900 taken out in December, but an increase from the 34,600 loans advanced in January last year. By value, house purchase lending totalled £5.7 billion, compared to £5.2 billion in January last year, and £6.9 billion in December 2012. Commenting on the data, CML director general Paul Smee said: "Seasonal factors clearly had an impact on lending figures in January, but it still remains the best start to a year since 2008. Mortgage finance is available and lenders are open for business, allowing more borrowers to take the step into homeownership or move house in line with their needs." March 15, 2013