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Gross mortgage lending 'drops during January'
Levels of gross mortgage lending dropped significantly during January, according to new figures.
Research published by the British Bankers' Association (BBA) has revealed that gross mortgage lending stood at £8 billion during the month, which has both below the December figure of £10.9 billion and the six-month average of £9.2 billion.
The number of house purchase loans approved in January stood at 35,083, while 20,252 products were granted for remortgaging.
David Dooks, statistics director of the BBA, said the drop in figures was no surprise, due to the end of stamp duty relief.
He added: "There was a natural reaction in the January figures and the bad weather further suppressed market activity."
Recent figures published by Lloyds TSB revealed that the average domestic property in Scotland was valued at £160,074 during the three months to the end of January.
This represented a 5.9 per cent rise from the previous quarter.