Gross mortgage lending up 16%

However, this still represents a 52% decline on March last year, while gross lending for the quarter (£33bn) is down by almost 30% from the fourth quarter in 2008, and is the lowest quarterly total since the first quarter of 2001. The CML said a seasonal fall of 10% is typically experienced between the fourth and first quarter, and highlighted the first quarter results are broadly in line with its expectations for £145bn in gross lending this year. Michael Coogan, director general of the CML, commented: "While the market is beginning to show some signs of stabilising, housing transactions...