CML reveals record April lending
Gross mortgage lending totalled £25.1 billion in April, 16 per cent higher than in April 2005 and marks six months of record lending figures. But it was 12 per cent lower than the £28.4 billion lent in March and this is likely to be caused by the timing of Easter.
Michael Coogan, director-general of the CML, said: “The record figures we have witnessed over the past six months illustrate that the market is in robust shape. Even so, the level of new mortgage approvals has stabilised in recent months, and we do not expect the underlying level of lending to rise from recent levels.
“In the past couple of months the interest rate picture has changed and financial markets are expecting the Bank of England to raise rates this summer. If this happens, housing and mortgage market activity is likely to slow down from the recent high levels as the year progresses.”