Homebuyers Rush To Beat Approaching Stamp Duty Deadline-More Government Rip Offs!
Home loans rose 10 per cent in January as first-time buyers pounced before the expiry of the stamp duty holiday.
The Council of Mortgage Lenders reported a year-on-year increase in gross lending for the sixth month in a row.Banks and building societies advanced £10.5 billion. That was down from December but up from £9.5 billion a year earlier. The rise comes after gross mortgage lending increased last year for the first time since 2007, growing by 4 per cent compared with 2010 to hit £140.7 billion.
Bob Pannell, chief economist at the CML, said: “Sentiment has improved a little over recent weeks.”
First-time buyers purchasing a home worth less than £250,000 are exempt from the normal 1 per cent stamp duty until March 24.