Response to CMLs Gross Lending Statistics for February 2015
Thu 19 Mar 2015
Peter Rollings, CEO of Marsh & Parsons, comments: "February's toned down lending levels are certainly not going to set the world alight, but the embers of the mortgage market are still glowing brightly. 2014 was an exceptional year but also a formative one. The borrowing process was greatly transformed, and 2015 marks a return to more normal patterns of behaviour as these new affordability measures become part of the furniture.
"Lending is only just getting into its stride at the beginning of the year, and its also a much longer process from start to finish now, so well see more approvals race through as the market heats up later in the spring. But buyer finances emerge much healthier for going through a more rigorous obstacle course, and market confidence is in fine fettle. First-time buyers had great cause for celebration yesterday, as another government measure offers thousands of aspiring homeowners a timesaver to accelerate saving for a deposit. With Help to Buy ISAs, whittled down stamp duty, generous mortgage rates, and plenty of supply on the market, all the elements are at work to up the ante in the housing market in the coming months."