Mortgage lending in the United Kingdom hit a 10-year low in January, following an unusual surge in December as buyers sought to beat a new-year tax increase, the Council of Mortgage Lenders said Thursday.
Gross lending was 9.1 billion pounds ($14.2 billion) in January, the lowest monthly total since February 2000. The figure was a third lower than in December and 21 percent less than the amount advanced in January 2009.
"The larger than average drop between December and January this year confirms our view that house purchase activity was boosted in December by a number of borrowers trying to complete their purchase before the end of the year" to take advantage of a tax break which ended on Jan. 1, the council said.
On the Net: http://www.cml.org.uk
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