The surge in mortgage demand coincides with the imminent end to the stamp duty holiday in March as first time buyers rush to save themselves some money. Bob Pannell, Chief Economist for the Council for Mortgage Lenders said "Housing and mortgage market sentiment has improved a little over recent weeks, the increase in lending compared to January last year helps support our view that housing and mortgage market activity may be boosted by first time buyers seeking to complete deals before the stamp duty concession ends in March."

Online property portal RightMove have reported a 4.1% increase in asking prices in January as sellers have renewed confidence in the housing market. A director of RightMove, Miles Shipside said "We're seeing a strong spring bounce in asking prices this year"

Whatever the reason for this small but significant boost, it just goes to show that a full recovery will happen, it's just a case of sitting tight and hoping it is in the not too distant future!

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