Released on = March 23, 2007, 6:20 am

Press Release Author = Jimwatson

Industry = Real Estate

Press Release Summary = Those waiting patiently for a slump in the housing market
to add to their portfolio or start a buy-to-let empire may have to wait just a
little longer, as this year saw the highest-ever amount of mortgage lending in
February.

Press Release Body = Those waiting patiently for a slump in the housing market to
add to their portfolio or start a buy-to-let empire may have to wait just a little
longer, as this year saw the highest-ever amount of mortgage lending in February.

The news, which may conversely be good news for those who already have a number of
rental properties and are hoping that rental demand stays high, has come in the form
of figures from key industry players the Council of Mortgage Lenders (CML) and the
Building Societies Association (BSA).

From 2006, the CML recorded a nine per cent growth on last year\'s £22.5 billion to
£24.6 billion, although this is down slightly from the £26.6 billion seen in
January.
CML director general Michael Coogan said: \"This is the highest February lending
figure on record and reflects the continuing strength of the market and the strong
desire of many people to get a foot on the property ladder or move house.

\"Recent speculation about whether or not interest rates will go up seems to have
had little impact upon lending levels and we still expect gross lending to reach
around £360 billion this year.\"

This announcement could also have those hoping to sell off a few properties and
raise cash for retirement or a dream purchase rubbing their hands with glee.
The BSA statistics also bear out this growth, with February seeing both it\'s
strongest ever lending in value, but also the highest number of approvals on record
for the month, at £4,917 million. This is up from £3,646 million in the
corresponding month last year.
Gross advances from building societies saw a similar level of increase, rising from
£3,183 million to £4,214 million over the same period.

Adrian Coles, director general of the body, said: \"A reasonably strong economic
outlook, especially continuing robust employment, should ensure that there is still
demand for mortgages, just not at record highs.\"

However, Mr Coles also conceded that this may be the peak of the astronomic growth
experienced recently, with these figures yet to accurately represent the bite of
the last few interest rate rises.

This opinion is one echoed by a third professional body, the British Bankers\'
Association. Statistics from the group indicated a February lending rise of £5.2
billion, lower than the £5.4 billion of last month and the six-month average of
£5.7 billion.

L: HM CML announces highest February lending figure on record
S: HM Highest February lending on record says BSA
S: http://www.headlinemoney.co.uk/Company/Media/BBA/CDS_BBA_200307.pdf


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