Gross mortgage lending was 15% higher in March than in February but 14% lower than March 2004 research reveals.
The latest figures from the British Bankers Association (BBA) reveal that mortgage lending stood at £13.7bn in March with net mortgage lending rising by £4.6bn during the same period. This compared to £4.8bn, net mortgage lending in February and £5.7bn in March 2004. This also continued the trend for the average of £4.5bn in net mortgage lending for the previous sic months although net mortgage lending was 19% below the first quarter lending recorded in 2004.
The BBA says there were 188,105 approvals for house purchase in March with a total value of £16.6bn. Loans approved for house purchase saw the highest monthly total since the middle of last year and despite the number of all approvals being 19% higher than in February they were still 30% weaker than March last year. The average approval for house purchase stood at £121,600 says the association.
David Dooks, BBA director of statistics, says the March figures reveal signs of a Spring stimulus but not to the same extent as last year. “Loans approved for house purchase saw some recovery, though it is too soon to say whether the slower housing market seen over the previous six months or so is now picking up,” he adds.
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