Mortgage lending stalls on uncertainty

Mortgage lending stalled during February as potential buyers continued to sit on their hands in the face of economic uncertainty.

A total of 9.5 billion was advanced during the month, broadly in line with January's one-year low of 9.48bn, the Council of Mortgage Lenders said yesterday.

The CML said that although it had seen a seasonal pick-up in interest from property-buyers during the past few weeks, demand was weaker than a year ago. This was despite the fact that the market was distorted early last year following the end of the stamp duty holiday.