Mortgage lending for house purchase remained low in March, reaching half the levels seen last year, according to the Council of Mortgage Lenders (CML).
Remortgaging activity remained strong despite funding constraints, which the CML says is due to large numbers of people coming to the end of their fixed rate terms. The number of loans for house purchase fell to 46,500 in March, down 1% since February and 48% lower than March 2007, when 89,000 house purchase loans were made. The first quarter of 2008 saw gross mortgage lending fall to £75bn, down from £83.9bn at the end of 2007. First time buyer numbers also fell, down from 17,900 in February to 17,800 in March. The number of first time buyers has fallen by 45% since March last year. Ho...
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