The UK’s Council of Mortgage Lenders has reported that gross mortgage lending was an estimated GBP11.5 billion in March 2009, a 52% decline from GBP24.2 billion in March 2008.
The Council of Mortgage Lenders (CML) has reported that the gross mortgage lending of GBP11.5 billion in March 2009 reflects 16% rise from GBP9.9 billion posted in February 2009.
Gross lending for the first quarter was an estimated GBP33 billion, a 29% decline from the fourth quarter of 2008 and the lowest quarterly lending total since the first quarter of 2001. This first quarter is broadly in line with the council’s expectations for GBP145 billion in gross lending in 2009, said CML.
Michael Coogan, CML’s director general, said: While the market is beginning to show some signs of stabilizing, housing transactions and lending are set to remain low for the foreseeable future.
Today’s Budget does provide the opportunity for action to reinforce the housing market. In particular we would like to see the government extend and simplify low-cost home-ownership, raise the stamp duty threshold to GBP250,000, and expand existing support schemes for borrowers in difficulty.
