Mortgage Lending Continues to Rise
The Council of Mortgage Lenders (CML) has said that mortgage lending is still rising strongly. The CML has also suggested this trend is likely to continue even though interest rates may well increase further.
Another monthly record was reached in March, with mortgage lending up to £31.3bn. This was 10% higher that the figure for March 2006.
The CML admit that the effect of recent interest rate rises and possible further increases is still unknown to some extent. However, despite this the CML expects mortgage lending to reach a record level of £360bn in 2007.
The CML view is in line with other recent reports from the mortgage industry. The number of mortgage approvals and enquiries from new buyers suggest that the market will remain strong for the moment.
According to the British Bankers Association (BBA) net mortgage lending increased to £5.1bn in March. However, on a slightly more cautious note the BBA also said that demand for mortgages has slowed a little in the last 2 months, and could slow further in the short-term.
In contrast there has been another fall in credit card lending. The net borrowing by consumers using cards from the major banks fell by £117m in March.
<< More News | RSS Feed | Apply for a Loan >>
