22
Apr
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.
