Mortgage Lending Rises in March 2011
Mortgages Rise 21% in March from Feb 2011
The Council of Mortgage Lenders have reported 21% growth compared with February. That said, lending has dropped by 2pc over the past 12 months and by 11pc since the end of 2010.
Bob Pannell, the CML's chief economist, said: "The housing market has emerged hesitantly from hibernation. 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."
Remortgage demand, continued to rise. He said: "Remortgage approvals in February were the highest for more than two years. Stronger remortgage activity looks set to continue propping up overall lending."
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Added By: gbressington on 21st Apr 2011 at 14:10
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