The mortgage lending market seems to be reviving finally after a long downturn. Statistics by the Council of Mortgage Lenders showed that a stabilisation in mortgage lending had been observed with the gross mortgage lending rising by 13 per cent in March to reach £20.1 billion.
Even though this figure is 19% lower than that of last year, a sense and hope of stability can still be found in the mortgage market. Director General of the Building Societies Association, Adrian Coles agreed that the slump in mortgage lending had ended.
He said, “After falling in the second half of last year, lending levels have remained unchanged in the first three months of this year. Indeed the seasonally adjusted approvals [mortgages promised but not yet made] were the highest since last August. The market seems to have reached a new equilibrium, with a lower, but more stable, level of activity compared to a year ago.”
Meanwhile, the British Bankers Association (BBA) also saw mortgage lending climb last month. David Dooks, Director of statistics at BBA, commented on the positive turn of the mortgage lending market and said that the essential strong powers of the market were prevailing over the recent shortcomings in the lending scenario, producing the much needed hike.
Posted
on : Mon, 25 Apr 2005 00:00 GMT | Mortgages News
By : Pippa Fielding
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