The Council of Mortgage Lenders estimates that gross mortgage lending reached £18.2 billion in February. This is 8% lower than January’s lending total of £19.8 billion, and closely matches the £18.1 billion lent in February last year.

Commenting on market conditions in this month’s market commentary, CML senior economist Mohammad Jamei said:

“Mortgage lending is holding up well, but under the surface buyers face mixed fortunes. First-time buyers and customers who are remortgaging are driving total lending, while home movers and buy-to-let remain weak.”

“The weakness in home movers means few properties are coming onto the market for sale, which is aggravating a supply demand imbalance that has characterised the market since late 2013. This looks set to continue at least over the next few months, posing an obstacle for would-be borrowers.”

Source: CML