The Council of Mortgage Lenders (CML) has predicted that mortgage lending in the UK will pick up this year, but at a slow rate of recovery, yourmortgage.co.uk reports.
The CML explained that mortgage lending was sluggish in January, but pointed out that this was, in part, because of the end of the stamp duty holiday.
However, after the spike in mortgage deals in the final quarter of last year, the CML insisted that a lull in activity was inevitable.
In addition, the CML believes that mortgage lending levels will remain depressed over the next couple of months, but start to improve later in 2010.
Bernard Clarke, a CML spokesperson, told the website: "We are still in a market in which it is not as competitive as it was and those circumstances will only improve very slowly."
Meanwhile, it was recently revealed that lending in the UK mortgage market fell dramatically last month.
According to CML figures, gross lending for home loans fell by 32 per cent compared with December to £9.1 billion.
CML anticipates slow recovery for mortgage market
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CML anticipates slow recovery for mortgage market
Tue, 23 Feb 2010
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