UK mortgage market 'stuck in a rut'

Activity in the UK property market has remained subdued over recent weeks, the latest figures from the Council of Mortgage Lenders (CML) show.
According to the statistics published by the industry body, gross mortgage lending stood at £9.5 billion in February.
Given that a figure of £9.475 billion was recorded for the previous month, the CML has noted that the market is failing to pick up pace as prospective buyers stay away until prospects for the UK economy as a whole improve.
"The housing market is stuck in a rut," explained the council's chief economist Bob Pannell.
"This is going to be a challenging year for households and the housing market," he added.
At the same time, however, property market observers are likely to be heartened by the latest figures from the National Association of Estate Agents, whose members have reported a 25 per cent year-on-year rise in housing stock for February.