CML sees lending jump

The Council of Mortgage Lenders (CML) has reported that borrowing rates in the UK have reached a new high in February.

According to the CML's latest figures for February, mortgage lending increased by nine per cent compared to the same month in 2006, reaching £24.6 billion over the course of the month.

However, this figure represented a seven per cent dip on the amount borrowed during January, the CML added.

Despite this, the robust position lending figures suggest that solicitors in Northern Ireland and across the UK are likely to see plenty of business from buyers over the months ahead, as the property market remains buoyant.

"Recent speculation about whether or not interest rates will go up seems to have had little impact upon lending levels and we still expect gross lending to reach around £360 billion this year," commented CML director general, Michael Coogan.

Recent research from the University of Ulster found that Northern Ireland is now one of the top property hotspots in the country, highlighting the market's strong position.

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