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'Sharp rise' in mortgage lending 'Sharp rise' in mortgage lending
(10 minutes later)
The number of loans handed out for house purchases in the UK rose sharply in March, lenders say.The number of loans handed out for house purchases in the UK rose sharply in March, lenders say.
Some 31,000 mortgages were granted by lenders, up 29% on February but still 33% down compared with March 2008, the Council of Mortgage Lenders (CML) said.Some 31,000 mortgages were granted by lenders, up 29% on February but still 33% down compared with March 2008, the Council of Mortgage Lenders (CML) said.
The increase was in line with data showing more applications for home loans had been approved by lenders.The increase was in line with data showing more applications for home loans had been approved by lenders.
But the CML warned the position was still tough for those unable to put down a significant deposit.But the CML warned the position was still tough for those unable to put down a significant deposit.
"Because the flow of lending is still constrained, there is a sharp dividing line in the housing and mortgage markets between those who can raise a substantial deposit and those who can't," said CML head of research Bob Pannell.
Indicators
The nature of these figures mean that their publication lags behind many other indicators of the state of the mortgage market.
The March data echoed the upturn reported by the Bank of England, which said that number of home loans approved - but not yet lent - in February and March was well above levels seen during the previous six months.
HM Revenue and Customs also reported that completed property sales leapt by 40% between February and March.
But all of these levels remain much lower than a year ago, as lenders retreated from giving out high loan-to-value mortgages amid the global economic downturn.