Record mortgage lending in March, says CML |
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Fri, 21 Apr 2006 08:20
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LONDON: Mortgage lending reached 28.3 billion pounds in March, a record high figure for any month since July 2004, the Council of Mortgage Lenders said Thursday.
This is 26 per cent higher than February's total and a continuation of a trend for the last four months. The figure is also 34 per cent higher than the 21.2 billion pounds lent in March 2005.
Michael Coogan, director general of the CML, said the figure is indicative of a high level of loan approvals in the autumn and winter as house prices have stabilised and consumer confidence has returned to the market.
High bonuses in the City too contributed to the reviving market, he added.
Coogan said while mortgage approvals remained high, the upward trend in seasonally adjusted approvals for house buying over the past year indicates that it is drawing to an end, suggesting that the underlying activity is peaking.
He felt remortgaging should remain strong, supporting a "robust level of lending throughout the spring and summer".
Lending usually starts picking up in the spring following a lull in house purchases in the winter months. CML said lending had been unusually strong this winter.
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January mortgage lending at highest in two years 