According to figures from the Council of Mortgage Lenders (CML), mortgage lending surged by 24% in March, up to £11.5 billion. This figure, up 3 per cent on last year, can be partially explained by the start of the Spring season in the property market .
Despite gradual economic recovery and stable, low interest rates, the housing and home mortgage markets remain quiet, although this is still an improvement on recessional levels of a year ago.
The figures also reveal that the year started slowly – mortgage levels in the first three months of the year were the lowest quarterly level for a decade – with total mortgage lending in the first quarter of 2010 totalling £29.5 billion, lower than the last three months of 2009.
However, lending for home buying fell by 49% in January as the market took a hit from the end of the Government's stamp duty holiday, as many purchases were pushed through to ensure they were sold in December rather than once the duty was reinstated to its full amount at the beginning of this year.
Added to the subdued feeling in the market, the CML has warned that mortgage lenders from 2011 still have 300 billion pounds to pay back to the government for its emergency support schemes.
Surge in mortgage lending reported
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