Gross mortgage lending up 9%
- Gross mortgage lending estimated at £11.6 billion
- 9% higher than February gross lending
- 8% lower than the £12.6 billion of lending in March 2012 – although this was just before the first time buyer stamp duty holiday expired
- 1st quarter lending in 2013 estmiated to be £33.8 billion, a drop of 9% against the previous three months
Commenting CML chief economist Bob Pannell observes:
“Conditions in the housing and mortgage markets continue to show signs of improving. The improvement in funding markets over the past year, reinforced by the incremental benefits of the Funding for Lending Scheme, has been the key catalyst behind stronger housing activity.
“The Help to Buy mortgage guarantee scheme – while still embryonic as yet – holds significant firepower, and has the potential to increase activity from 2014.”