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    New figures released by the Council of Mortgage Lenders (CML) show that gross mortgage lending in January 2012 was up 10% compared with the same month last year.

    There have been year-on-year increases in the amount of mortgage borrowing for the last 6 months consecutively, but the overall amount of activity has been low.

    CML chief economist Bob Pannell welcomed the signs of improvement in the housing and mortgage markets, but warned against getting carried away, “given the very low levels of activity we are starting from and the protracted and difficult economic rebalancing that the UK and other countries have embarked upon.”

    The upswing may also be, to some extent, the result of first-time buyers looking to get a foot on the property ladder before the end of the concession on stamp duty; the 1% stamp duty rate for first-time buyers moving into properties worth between £100,000 and £250,000 is due to be reintroduced on 24th March.

    Moving forward, the CML predicts that, if inflation continues to fall, this will result in a boost to the housing market, with individuals and families regaining some of their financial freedom.

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