This is unsurprising since January was extremely weak due to the stamp duty exemption ending and the severe weather that the UK experienced at the start of 2010.
“The 35,000 loans advanced (worth £5 billion) signifies a modest recovery, although they were up by 49% in volume and by 67% in value from a year earlier.” CML Press Release
First tim buyer figures rose slightly faster than the rest of the market, up 13%, attributed by the CML to the stamp duty holiday ending, whereas home mover activity was less affected and only up 11%.
“The start of the year is traditionally a quiet period for mortgage lending. This year though, transactions have been affected by the ending of 2009s stamp duty concession and the harsh weather, making it hard to identify clear trends in recent months.” CML head of research Bob Pannell
For more detailed ifnromation view: http://www.cml.org.uk/cml/media/press/2602