Mortgage lending enjoys fifth record month

Mortgage lending once again hit record levels last month with the highest ever March figures, up 34 per cent on the same period of 2005 to £28.3 billion.

Mortgage lending normally blossoms at this time of year following the fallow winter months, but lending has been unseasonably strong since late autumn.

The mortgage market has surged forward as a rejuvenated housing market picked up and homeowners compare mortgage rate offers to take advantage of the best deals available.

“The record lending in March reflects the high level of loan approvals in the autumn and winter as house prices stabilised and consumer confidence returned to the market,” said Michael Coogan, director general of the Council of Mortgage Lenders.

“Mortgage approvals remain high, but the upward trend in seasonally adjusted approvals for house purchase witnessed over the past year seems to be drawing to an end.

“This suggests underlying activity is peaking and is in line with our forecasts. However, we expect remortgaging to remain strong and support a robust level of lending throughout the spring and summer,” he added.

Mortgage lending has enjoyed five consecutive months of record breaking figures.

© Adfero Ltd

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