The Council of Mortgage Lenders (CML)
revealed that Britain’s mortgage lending has increased.
Evaluating January and February figures,
March was 2007’s highest record increase with 31.3 billion
pounds lent via mortgages.
Looking on February this shows us an
increase of nearly 22 per cent from the figure 24.6 billion pounds,
which was quite more less due to seasonal changes within the market.
2006 March period to 2007 March lending was up 10 per cent, this
giving less confidence for new homebuyers to enter the property
Michael Coogan, CML director had his
views on this scenario: "It is clear that many borrowers
are taking sensible steps to shelter against higher mortgage costs,"
"We continue to expect mortgage
lending to reach a record £360 billion this year."
From Global Insight, Howard Archer
stated that data formatted by the Building Society Association
was forwarded today, this showed variations on mortgage approvals
reaching a 5 month decrease, indicating the property market starting
to slow down.
"There are clear signs in
the March mortgage data… that housing market activity may
finally be coming off the boil as higher interest rates and elevated
house prices increasingly squeeze new buyers out of the market
and make it more difficult for existing house owners to trade
up," he finalised.
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