Borrowing On The Up, Suffolk homes on the up....
Confidence creeps back into the housing market as lending for property purchase and remortgaging moves up in March...
Gross lending in March totalled £20.1 billion, 13 per cent higher than February's £17.8 billion, according to the latest data from the Council of Mortgage Lenders. However, this figure remains 19 per cent lower than last March's total of £24.7 billion.
Lending for house purchase in March rose to £8 billion, an increase of 14 per cent on February's £7 billion. Remortgaging went up by six per cent, from £8.7 billion in February to £9.2 billion in March.
First-Time Buyer IncreaseThe proportion the total lending figure for house price purchase was a low but steady 40 per cent, having been at 39 per cent in February and 40 per cent in January.
Figures from the BBAThe British Banking Association also released figures for March today showing that there was an increase in mortgage lending in March of £4.5 billion.Although this was down by £0.2 billion from February's total, it is still in keeping with the average increase of £4.6 billion over the last six months, according to the report.
Director of Statistics at the BBA, David Dooks, commented: "Whilst the trend in monthly mortgage growth has moderated gradually over the last year, it now appears to be stabilising and it is worth noting that monthly rises of around £4.5 billion are higher than at any time prior to April 2002, showing us that the market clearly has some inherent strength which is underpinning demand."