UK: Mortgages up 25% in March

The number of mortgages advanced for house purchase increased by 25% in March this year, compared with the previous month, according to the Council of Mortgage Lenders (CML).

The number of first-time buyers rose by 27% over the same period, while remortgage numbers increased by 23%.

However, the CML warned that remortgage figures remain weak, and are expected to stay this way for some time.

Mortgage lending also recorded a 45% year-on-year increase, marking the ninth consecutive month of annual increases.

Michael Coogan, director general of the Council of Mortgage Lenders, said: “Today`s figures indicate there is currently some momentum to house purchase lending, but for the sake of the future health of the housing and mortgage markets, the new government will need to focus on the critical issue of funding and how to address the issues arising from the repayment of the emergency support provided during the financial crisis.”

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