Property Market Stabilises with £16.5bn Mortgages in a Month
After a slow start to the year, mortgage lending rose by a fifth in March 2015, providers have revealed.
Banks and building societies reported that around £16.5 billion worth of mortgages were approved last month. This is a 21% increase on February figures, according to the Council of Mortgage Lenders (CML).1
This is a 7% growth on the £15.4 billion handed out in March 2014, however the first quarter (Q1) total of £44.9 billion was 3% less than in Q1 2014.
The CML’s Chief Economist Bob Pannell believes that the market is stabilising. He says: “Sentiment and activity are showing early signs of improvement and should be further supported by the effects of Stamp Duty reform.”1
1 Sculthorpe, T. (2015) ‘Housing market stirs with £16.5bn loans in a month’, Metro, 24 April, p.32