Mortgage loans rise 12% in February

The 35,000 loans in February represented £5bn worth and, despite the jump, only marks a modest recovery, with January affected by one-off factors such as the end of the Stamp Duty holiday in December 2009 and the severe weather. Nevertheless, February was up 49% in volume and 67% in value on the same month last year. First-time buyers increased faster than the rest of the market in February, due to many avoiding the housing market after the end of the Stamp Duty exemption. Figures rose by 13% to 12,600 loans and 15% by value to £1.5bn on January. Homemovers were less affected by th...