More evidence of a booming mortgage market
New research has revealed that home lending soared by a quarter this January, the best it has been since 2007.
Monthly house purchase approvals climbed to 65,142, while monthly home loans increased by 24 percent in the month leading to January.
The lending surge has been attributed to lenders creating a pipeline ahead of the MMR regulations that will come into force in April.
The average loan-to-value also rose to it’s highest number for seven years, reaching 62.3 percent, with the North of England seeing the biggest amount of high LTV lending, which made up 25 percent of January home loans.
The research was conducted by e.surv, by analysing data on over one million mortgage valuations carried out between August 2006 and January 2014.