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Mortgage lending rises

Wednesday, 22 April 2009 9:46 AM

Mortgage lending rose by 16 per cent in March, although the £11.5 million figure was down over 50 per cent from March last year.

The Council of Mortgage Lenders (CML) gross mortgage lending figures for March released today discovered despite a positive rise in lending from February to March, lending was still below half of its £24.2 billion level this time last year.

Gross lending for the quarter was an estimated £33 billion, a 29 per cent decline from the fourth quarter of 2008 and the lowest quarterly lending total since the first quarter of 2001.

CML director general, Michael Coogan, said: "While the market is beginning to show some signs of stabilising, housing transactions and lending are set to remain low for the foreseeable future.

"Today's Budget does provide the opportunity for action to reinforce the housing market.

"In particular we would like to see the government extend and simplify low-cost home-ownership, raise the stamp duty threshold to £250,000, and expand existing support schemes for borrowers in difficulty."

The CML pointed out a seasonal fall of ten per cent is typically experienced between the fourth and first quarter.

The figures for the first quarter were broadly in line with CML expectations; for £145 billion in gross lending this year.

Brian Murphy of independent mortgage broker, the Mortgage Advice Bureau, said: "While the increase in gross mortgage lending is modest, it is nonetheless very welcome.

"It certainly reflects what we are seeing, namely small but very definite increases in buyer interest in the first quarter, which is resulting in a modest rise in the level of clients committing to purchase. Today's figures are also consistent with what other industry groups are saying, including the Royal Institution of Chartered Surveyors, which has also reported small increases in buyer interest and demand in recent weeks."

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