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UK mortgage loans increased by 12% in February

The Council of Mortgage Lenders (CML) has today confirmed that mortgage agreements in February increased by 12% compared to January although the increase was 49% compared to February 2009. The value of loans agreed in February was also significantly, 9% up on January and a very impressive 67% up on February 2009. So what does this mean for the UK mortgage market?

While any comparison between January and February is slightly misleading because of weather conditions and other issues at the time, there is no doubt that the trend in UK mortgage loans is moving higher. The fact that the UK government has also introduced stamp duty exemptions on properties with a value of up to £250,000 should also entice more first-time buyers into the marketplace.

It will be interesting to see how UK mortgage lenders react to these figures which give hope for the future and should kick-start the UK mortgage sector. Even though mortgage liquidity has increased over the last few months it is still nowhere near that seen before the credit crunch and there is demand out there which has yet to be fulfilled. The UK government's stamp duty exemption should assist in the short to medium term and there are high hopes for the future.

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