/24-7PressRelease/ - LONDON, UK, March 25, 2006 - Mortgage lending reached the highest point in nearly two years in January 2006. The rise is quite unexpected and far above the point predicted by analysts.
According to The Bank of England mortgage lending rose by 9.2bn in January which is more than 8.4bn as forecasted by the analysts. The rise is also far above the 8.9bn rise in December.
Consumer credit also rose by more than what was expected. In December it was 931m but in January it reached 1.3bn. The figures suggest that housing market will get a new strength and consumer spending will keep on rising.
According to predictions made by experts interest rate will remain on hold for next six months. The figures shown above speak in favour of the view.
It should be mentioned that unsecured loan also got a stronger rise in January. In compared to December there was a noticeable rise in unsecured loan in January.
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