Mortgage lending rose by a total of 11 per cent in January, according to figures from the Council of Mortgage Lenders (CML).

Data from the organisation indicates that lending increased to £26.5 billion from £23.9 billion in December 2007.

Typically, lending is lower in January than in the preceding month, the council notes.

Michael Coogan, director of the CML, states that despite gross lending holding up well in January, the organisation expects lending to drop over the coming months due to "considerable uncertainty" in the property market at present.

"Home buyers might be more inclined to transact if their moving costs were reduced and the government has the opportunity to address this by raising stamp duty thresholds and cutting the rates of stamp duty in next month's Budget," he adds.

In other news, a review of year-on-year statistics by J&E Shepherd Chartered Surveyors recently suggested that towns in Scotland's commuter belt have been the target of increased housing market activity.