View more on these topics

Mortgage lending up 45% year-on-year

House purchase lending increased 45 per cent year-on-year in March, the ninth consecutive month of year-on-year growth, according to figures released today from the Council of Mortgage Lenders.

Remortgaging was down 29 per cent year-on-year, taking it to 23 consecutive months of year-on-year falls.

There were 45,000 loans for house purchases in March, worth £6.3bn, up 24 per cent from February. There were 28,000 loans for remortgage, up 23 per cent in volume and worth £3.5bn.

House purchase loans stood at 112,000 for the first quarter, worth £16.1bn, which was down from 171,000 and £23.3bn respectively in the last quarter of 2009.

Remortgage loans fell from 89,000 in the last three months of 2009 to 74,000, with values dropping from £11.1bn to £9.3bn.

First-time buyer activity was up 27 per cent on February, with 17,300 loans worth a total of £2bn in March. Home-mover loans reached 27,500, up 245 per cent on February and a 45 per cent increase in volume on March last year.

CML director general Michael Coogan says: “Today’s figures indicate there is currently some momentum to house purchase lending, but for the sake of the future health of the housing and mortgage markets, the new government will need to focus on the critical issue of funding and how to address the issues arising from the repayment of the emergency support provided during the financial crisis. The UK is at risk of a chronic under-supply of credit – and the rationing of mortgages for customers – for years to come.”

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com