Lending volumes expected to fall

Gross mortgage lending rose in January by 11% from December and was at a similar level to January 2007.

This is pleasing considering the current economic climate and the credit crunch showing few signs of abaiting as yet.

However there is still considerable uncertainty surrounding the housing market at present and this is likely to have some impact over the coming months.

Demand for remortgaging should remain stronger than that for purchases in the short term. This may change if the government look to raise stamp duty thresholds and cut stamp duty rates in the budget next month,

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