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| Mortgage lending up 4% – the highest level for four years | Mortgage lending up 4% – the highest level for four years |
| (5 days later) | |
| Mortgage lending increased by 4% in April to the highest level in more than four years, but the Council of Mortgage Lenders said the average value of new home loans was "still barely half" what it was before the financial crisis. | Mortgage lending increased by 4% in April to the highest level in more than four years, but the Council of Mortgage Lenders said the average value of new home loans was "still barely half" what it was before the financial crisis. |
| The CML's gross lending figures, which reveal the value of loans advanced during the month without taking into account repayments, showed £12.1bn worth of mortgages were taken out during the month, up from £11.6bn in March. | The CML's gross lending figures, which reveal the value of loans advanced during the month without taking into account repayments, showed £12.1bn worth of mortgages were taken out during the month, up from £11.6bn in March. |
| The figure was 21% higher than that for April 2012, but the CML cautioned that meaningful comparisons of the two months were difficult because the end of the stamp duty holiday on properties worth up to £250,000 in March 2012 had led to a dearth of sales immediately afterward. | The figure was 21% higher than that for April 2012, but the CML cautioned that meaningful comparisons of the two months were difficult because the end of the stamp duty holiday on properties worth up to £250,000 in March 2012 had led to a dearth of sales immediately afterward. |
| The group's chief economist, Bob Pannell, said: "The true underlying position is that April is likely to have been one of the strongest months for lending activity since late 2008, but not as strong as the year-earlier comparison suggests. | The group's chief economist, Bob Pannell, said: "The true underlying position is that April is likely to have been one of the strongest months for lending activity since late 2008, but not as strong as the year-earlier comparison suggests. |
| "Gross lending on a seasonally adjusted basis has been running comfortably above £12bn for several months, but this is still barely half the average level of lending seen in 2003-4." | "Gross lending on a seasonally adjusted basis has been running comfortably above £12bn for several months, but this is still barely half the average level of lending seen in 2003-4." |
| Recent weeks have seen a series of warnings that the government's Help to Buy scheme for borrowers will cause a housing market bubble. The figures, which cover the period just after the first phase was launched and are unlikely to include any transactions, suggest that the market is already starting to gather pace. | Recent weeks have seen a series of warnings that the government's Help to Buy scheme for borrowers will cause a housing market bubble. The figures, which cover the period just after the first phase was launched and are unlikely to include any transactions, suggest that the market is already starting to gather pace. |
| Separate figures from the Office for National Statistics (ONS) covering March offer further signs of an upturn, as they show UK house prices increased by 0.4% over the month and were up by 2.7% on the previous March. | Separate figures from the Office for National Statistics (ONS) covering March offer further signs of an upturn, as they show UK house prices increased by 0.4% over the month and were up by 2.7% on the previous March. |
| However, the effect of price rises in London and the south-east of England is underlined once those areas are taken out of the equation. The ONS said if London and the south-east were excluded, average UK prices would be up by just 0.6% year-on-year. | However, the effect of price rises in London and the south-east of England is underlined once those areas are taken out of the equation. The ONS said if London and the south-east were excluded, average UK prices would be up by just 0.6% year-on-year. |
| Across the UK the average price of a house hit £235,000. Among first-time buyers the average price paid was £175,000, up by 1.3% over the year, while home movers paid an average of £270,000, 3.2% up on the previous March. | Across the UK the average price of a house hit £235,000. Among first-time buyers the average price paid was £175,000, up by 1.3% over the year, while home movers paid an average of £270,000, 3.2% up on the previous March. |
| Howard Archer, chief UK economist at IHS Global Insight, said he believed house prices would see "a moderate gain of a few per cent or so" in 2013. | Howard Archer, chief UK economist at IHS Global Insight, said he believed house prices would see "a moderate gain of a few per cent or so" in 2013. |
| He added: "There is concern that the "Help to Buy" scheme could eventually fuel a housing price bubble, but we suspect that is unlikely in the near term given extended muted looking growth prospects. | He added: "There is concern that the "Help to Buy" scheme could eventually fuel a housing price bubble, but we suspect that is unlikely in the near term given extended muted looking growth prospects. |
| "However, it is something that policymakers will need to keep a very close eye on further out and they must be prepared to quickly pull the mortgage guarantee scheme at the first sign of any housing price bubble developing." | "However, it is something that policymakers will need to keep a very close eye on further out and they must be prepared to quickly pull the mortgage guarantee scheme at the first sign of any housing price bubble developing." |
| Top mortgages | Top mortgages |
| Chelsea Building Society | Chelsea Building Society |
| NatWest | |
| Yorkshire BS | Yorkshire BS |
| Provided by London & Country for the Guardian | Provided by London & Country for the Guardian |