More figures needed for housing market recovery

Homeowners considering whether to move or improve should not jump to conclusions following the Bank of Englands positive lending figures, it has been suggested.

The statistics show an increase of almost a fifth in the number of mortgage approvals between January and February this year.

However, Council of Mortgage Lenders (CML) economist Paul Samter explained that while the tidings were good, they should not be automatically interpreted as heralding the beginning of an industry recovery.

"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 said.

Mr Samter added that transaction levels are still very low and that it is difficult to predict what will happen over the course of the spring.

The CML is formed of banks, building societies and other lenders and its members are responsible for almost all (98 per cent) of residential mortgage lending in the UK.