Gross mortgage lending jumped 16% in March to £11.5bn, according to the latest figures from the Council of Mortgage Lenders (CML).
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 and lending are set to remain low for the foreseeable future.
"Today's Budget does provide the opportunity for action to reinforce the housing market. In particular we would like to see the Government extend and simplify low-cost home-ownership, raise the Stamp Duty threshold to £250,000, and expand existing support schemes for borrowers in difficulty."Mortgage Solutions
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