Mortgage surge may boost carpet industry

The UK mortgage market recorded an unusually strong December, new figures have indicated.

Data from the Council of Mortgage Lenders revealed that £13.7 billion worth of home loans were agreed last month, 14 per cent more than in November, when the volume was £12.1 billion.

Such a total also represented a three per cent rise on December 2008, making it the first month to see a year-on-year increase since October 2007.

The rise in lending may boost the carpet industry, should a significant number of those moving decide to change the furnishings of their new homes.

It was an unusual tally, CML economist Paul Samter said, noting: "The December figure is surprisingly strong as there is typically a small decline in the month."

He said the situation may be attributable to the end of the stamp duty holiday on December 31st, with many buyers hurrying through their purchases to beat the deadline.

This explanation was also favoured by chief executive of the National Association of Estate Agents Peter Bolton King.

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