CML reports 2% fall in mortgage lending in March
The Council of Mortgage Lenders (CML) has today said mortgage lending continues to remain weak, suggesting the housing market will remain subdued this year.
According to the Council, gross mortgage lending for March was 2% lower in March on an annual basis.
However, on a monthly basis, gross lending rose 21% to £11.3 billion, compared with £9.3 billion in February.
The CML was optimistic about the figures amid the traditional strong spring selling season and said: “The housing market has emerged hesitantly from hibernation.”
In the meantime, the number of remortgaging loans approved rose due to the historically low interest rate environment and approvals were the highest in more than two years.