4
May
CML: Mortgage lending increased in March
The amount of money borrowed by consumers for the purposes of
buying a new property increased in March.
This is according to the Council of Mortgage Lenders (CML), which
has released figures showing that over the course of the 31-day
period, total lending rose by £0.3 billion from the previous
month.
It noted that the 12-month growth rate remained unchanged and stood
at one per cent.
The CML also revealed that the number of loan approvals granted by
banks and building societies for home purchases stood at
48,901.
This was up on the 46,882 recorded in February, the organisation
went on to point out.
In a bid to encourage more first-time buyers to enter the property
market and take out mortgages, the government raised the stamp duty
threshold for such people in its Budget earlier this year.
Whereas in the past the levy came in at £125,000, this has
been raised to £250,000.
