4 May

CML: Mortgage lending increased in March

CML: Mortgage lending increased in March

The amount of money borrowed by consumers for the purposes of buying a new property increased in March.

This is according to the Council of Mortgage Lenders (CML), which has released figures showing that over the course of the 31-day period, total lending rose by £0.3 billion from the previous month.

It noted that the 12-month growth rate remained unchanged and stood at one per cent.

The CML also revealed that the number of loan approvals granted by banks and building societies for home purchases stood at 48,901.

This was up on the 46,882 recorded in February, the organisation went on to point out.

In a bid to encourage more first-time buyers to enter the property market and take out mortgages, the government raised the stamp duty threshold for such people in its Budget earlier this year.

Whereas in the past the levy came in at £125,000, this has been raised to £250,000.

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