LONDON (MNI) – Gross mortgage lending picked up sharply in March
from February, rising 24% on the month, but first quarter lending was
well below year ago levels, according to the Council of Mortgage
Lenders.
The CML data showed gross mortgage lending in March was stg11.5
billion, up from stg9.277 billion in February, a 24% increase on the
month and up 2.6% on a year ago. First quarter gross mortgage lending in
the CML series amounted to stg29.5 billion, 24% below the same period a
year ago.
The CML data come ahead of the Bank of England’s Trends in Lending
survey for March, out Thursday, which will have the lending data from
the major British banking groups.
The CML’s data series shows gross mortgage lending was sharply down
in January and February on the levels seen in late 2009, and despite
the rally in March is still not back up to those levels.
In December, gross mortgage lending stood at stg13.385 billion,
before plunging to stg8.68 billion in January.
CML economist Paul Samter said: “Overall, housing and mortgage
activity remains subdued … Despite the increase in activity late last
year and a subsequent fall early this year – due to the end of the stamp
duty holiday – the underlying position looks to have barely changed.”
–London newsroom: +44 7 862 7491 email:drobinson@marketnews.com.
[TOPICS: MABDS$,M$BDS$,M$B$$$,MT$$$$]
