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Record March reported by mortgage lenders
Thu, 20 Apr 2006
Mortgage lenders have reported a borrowing increase of more than a quarter between February and March, new figures show.

According to the Council of Mortgage Lenders, total gross mortgage lending last month reached £28.3 billion, which is 26 per cent more than February's total.

It is also 34 per cent more than the mortgage lending total for March last year and is the highest lending figure for this month, the mortgage lenders' council says.

The director general of the Council of Mortgage Lenders, Michael Coogan, says this record level of mortgage lending reflects the high level of loans approved in the autumn and winter.

This was when consumer confidence returned to the housing market after property prices stabilised, he adds.

Mr Coogan notes that house-buying activity in London was particularly strong as a result of high bonuses paid to city workers and that this is likely to be a factor in the record level of mortgage lending.

"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," he explains further.

The director general says this suggests a peaking in underlying activity, which is in line with what has been predicted by the Council of Mortgage Lenders.

"However, we expect remortgaging to remain strong and support a robust level of lending throughout the spring and summer," he concludes.

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