Mortgage market strengthens by 16 per cent

24/04/2009

The mortgage market has shown encouraging signs of activity as lending figures suggest a 16 per cent increase.

Data from the Council of Mortgage lenders showed an £11.5 billion advance total in comparison to February’s figure of £9.9 billion.

However, even though the signs of recovery seem evident lending figures in comparison to March 2008 are stronger as current figures fell short by 52 per cent.

With some mortgage lenders like Halifax reporting a 1.9 per cent drop in house prices during March, Nationwide in contrast has shown a 0.9 per cent increase.

According to Michael Coogan director general for CML commented "While the market is beginning to show some signs of stabilising, housing transactions and lending are set to remain low for the foreseeable future."

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