22 Apr

Mortgage lending figures show new rise

Mortgage lending figures show new rise

Mortgage borrowing in the UK has risen again, figures from the Council of Mortgage Lenders (CML) have revealed.

Gross lending in March totalled £11.5 billion, 16 per cent up on February's £9.9 billion.

Commenting on the news, CML director general Michael Coogan remarked that "the market is beginning to show some signs of stabilising", although he suggested the overall level of lending and transactions would stay low "for the forseeable future".

However, he added, today's Budget could help by bringing in measures to "extend and simplify low-cost home-ownership", as well as raising the lower stamp duty threshold to £250,000.

The Bank of England noted yesterday that mortgage availability is expected to show some improvement in the coming months, according to the findings of its recent first quarter Credit Conditions Survey, although demand for secured credit is expected to stay "weak" in the short term.

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