Mortgage lending is steadily rolling along, although seeing significant gains over the same period last year.  The first two months of this year have posted an estimated 10.7 billion pounds each, according to the Council of Mortgage Lenders (CML).  These figures overshadow much lower figures from the same period last year.  February of this year saw a 14% leap forward compared to February of last year.  These numbers for the first two months of the year are encouraging since the winter time typically brings about the same type of environment in lending – cold and dreary.

CML chief economist Bob Pannell commented on the latest figures released by the CML, saying:  "Although a seasonal decline is expected over the winter months, our forward estimates suggest that February was the seventh month in a row of higher year-on-year lending.

"This indicates that lending for house purchases remains brisk in advance of the ending of the stamp duty concession."

Pannell continued, saying: "The launch of the NewBuy scheme is an important addition to the lenders' tool kit in addressing the various needs of would-be borrowers.

“The scheme has the potential to offset the dip in first-time buyer activity that the end of the stamp duty concession on March 24 may produce."

The close of the stamp duty holiday is much anticipated in that it could be the mark of sustained sales for the first time buyer group for the year.  Another possibility in economists’ view is the end of the holiday could see lending dry up and not rebound until year’s end.