CML welcomes latest figures but warns against over-optimism

Mortgage approvals were up nearly a fifth in February, the first material improvement since mid-2008.

According to Bank of England numbers, 38,000 mortgages got the go-ahead last month up from 31,800 in January. The figure is up more than 10,000 since November.

The Council of Mortgages Lenders (CML) gave a cautious welcome to the news.

Paul Samter, an economist at the CML, said: 鈥淭his is welcome news, but we will need to see a few more months鈥� figures before we can say with any confidence that market conditions are showing a fundamental improvement.

鈥淭ransactions remain historically very weak and this makes it harder than usual to adjust the figures for the normal upturn that happens in the spring.鈥�

CML represents lenders who underwrite 98% of UK mortgages.

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