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Mortgage lending up 6% as property investment recovers
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Gross mortgage lending increased by six per cent in February compared to the previous month, signalling growth in property investment.

According to data from the Council of Mortgage Lenders (CML), lending totalled an estimated £9.2 billion during the month.

This compared to a figure of £8.7 billion in January and suggests that investment activity in the UK property market is picking up.

The CML said that a rise in lending during the shortest month of the year is unusual.

However, it is not surprising given that December and January's figures were distorted by the end of the stamp duty holiday.

"As we look forward, we expect emerging signs of improvement as confidence in the economy grows and we move past the election," said CML economist Paul Samter.

January's data showed that gross mortgage lending fell by 32 per cent compared to December, after the threshold for stamp duty was brought back down to £125,000 from £175,000.
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Date Published: 18 March 2010

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