CML reports increase in mortgage completions
News Category: Industry News
Published: 15-Apr-2009
This article was brought to you by Rentman the premium property management system
More mortgages for home purchases were completed in February, when compared to the month before, according to official figures.
The Council of Mortgage Lenders (CML) revealed that there were 24,300 house purchase loans worth £3.1 billion in the second month of 2009.
This was an increase of 900 mortgages on January's figures and will include those home loans taken out by landlords ahead of renting out their properties.
Between January and February there was a four per cent increase in mortgage completions, but this still a low figure when compared with the last few years.
It is one-third of the average February total between 2002 and 2007 - a period often regarded as boom time in the property market.
Michael Coogan, CML director general, remarked: "Recent mortgage approvals figures published by the Bank of England show some signs of improvement at the beginning of the borrowing process, although activity is at a very low level historically."
He added that there are "some positive signs" for the mortgage market later this year.
Find out more about letting agency software
