“In spite of a seasonal lull the CML’s announcement that house purchase lending recorded its highest January total for 5 years marks a positive start to 2013, but also shows the need for further action to build on this momentum.
“The impact of the Funding for Lending Scheme is clearly evident as the market has been much more active this January when compared to the last year. However, this is no more than would be expected, so it will be interesting to see if the scheme is to be extended when the Budget is announced next week. IMLA is continuing talks with the broader industry to explore how this would help to satisfy the wider appetite for lending.
“Despite the contraction of the remortgage market last year, the results of our latest survey suggested that brokers have not lost confidence in the sector and that they expect it to grow in 2013. The figures released this morning show a 3% rise in remortgaging activity in January, suggesting that their faith is justified.”