Mortgage Lending on the Increase

Mortgage Lending on the Increase - Council of Mortgage Lenders

March 2009 mortgage lending increased according to the Council of Mortgage Lenders.  Gross lending was £11.5billion which was an increase of over 15% from February 2009.  However, this still represents a drop of over 50% in year on year lending.  This indicates that the increase is more seasonal than a trusted swing in the house price index.

The level of mortgage lending is at its lowest for the last 8 years. 

The Director General of the Council of Mortgage Lenders, Michael Coogan said the latest figures were an important improvement.

"It's a seasonal factor here that people start to look around to move house in the middle of the better weather, what we said at the beginning of the year was that we expected over the course of 2009, £145bn to be lent, and we are on track with that forecast, and that has to be compared with £363bn in 2007,"