Mortgage increased welcomed

A property market expert has welcomed the recent Bank of England figures showing an increase in mortgage lending.

The number of loan approvals for residential buying increased by almost a fifth between January and February this year – a fact that pleased Council of Mortgage Lenders (CML) economist Paul Samter.

He said that it seemed like good tidings but warned homeowners not to get carried away and expect a swift turn in the market.

"This is welcome news, but we will need to see a few more months figures before we can say with any confidence that market conditions are showing a fundamental improvement," he explained.

Mr Samter added that transaction levels are still historically low, making market predictions difficult.

Homeowners may take the experts warning on board and decide to invest in a home improvement such as a conservatory while waiting for the market to recover.

According to the Banks figures, mortgage lending in February totalled £9.4 billion – down on the average of £11.8 billion in the six months to November.