Lending for house purchases during November experienced a year-on-year rise for just the second time during 2011, signalling more positivity in the market, according to recent statistics presented by the Council of Mortgage Lenders (CML).
Loans totalled 47,000 in the month, at a value of £6.9 billion - this is a four per cent rise from October and a three per cent rise on November 2010 figures, highlighting the increased possibility of trends following in associated markets such as home and contents insurance.
Remortgaging also increased during the period, as there were 31,200 loans worth £4 billion - a rise from the 29,500 (worth £3.7 billion) in October and the 30,700 (worth £3.8 billion) during November 2010.
CML director general Paul Smee said of the figures: "A rise in mortgage lending towards the end of 2011 is a welcome indicator for the industry considering confidence has been weak due to fragile economies both at home and in the Eurozone.
"We should expect a further increase in first-time buyer activity over the next few months as they push through their purchases to take advantage of the stamp duty concession before it ends in March."