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Mortgage lending on the rise, CML figures show
People seeking a mortgage will be pleased to hear that gross mortgage lending increased by 21 per cent in March, according to the latest figures from the Council of Mortgage Lenders (CML).
It reported that in total, around £11.3 billion in home loans were approved last month, up from the £9.3 billion recorded in February.
However, this is still a two per cent fall on the total value of mortgages approved during the same month last year.
"The housing market has emerged hesitantly from hibernation," commented CML chief economist Bob Pannell.
"Household finances are under a lot of pressure, and as a result demand for house purchase loans fell in the first three months of 2011. Lenders expect mortgage credit availability to improve this quarter, and this should help to underpin house purchase activity albeit at pretty low levels."
He added that remortgage levels are holding strong after February saw remortgage approvals at the highest level for more than two years.
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It reported that in total, around £11.3 billion in home loans were approved last month, up from the £9.3 billion recorded in February.
However, this is still a two per cent fall on the total value of mortgages approved during the same month last year.
"The housing market has emerged hesitantly from hibernation," commented CML chief economist Bob Pannell.
"Household finances are under a lot of pressure, and as a result demand for house purchase loans fell in the first three months of 2011. Lenders expect mortgage credit availability to improve this quarter, and this should help to underpin house purchase activity albeit at pretty low levels."
He added that remortgage levels are holding strong after February saw remortgage approvals at the highest level for more than two years.
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Published: 20/04/2011
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