Response to CMLs Gross Lending Statistics for March 2015
Fri 24 Apr 2015
Peter Rollings, CEO of Marsh & Parsons, comments: Marchs gross mortgage lending figures show a market awakening from its winter hibernation and emerging into a spring full of promise. The significant increase from Februarys activity is welcome enough, but it is the year-on-year figure that is even more encouraging when you consider how strongly the property market began 2014.
With only a fortnight to go until the General Election, buyers and sellers will soon have a more concrete idea of what the future holds for the property market and will be able to act more decisively. Factor in other considerations such as attractive mortgage rates and the fact that late spring into early summer is traditionally a busy time for the property market and the outlook is rosy.
CML Gross Mortgage Lending - March
The Council of Mortgage Lenders estimates that gross mortgage lending reached 16.5 billion in March. This is 21% higher than February (13.6 billion), and 7% higher than March last year (15.4 billion).
Gross mortgage lending for the first quarter of this year was therefore an estimated 44.9 billion. This represents a 12% decrease from the last three months of 2014, and a 3% decrease on the first quarter of 2014.