Estimated gross mortgage lending March is 19% higher than previous month according to CML
The Council of Mortgage lenders (CML) gross mortgage lending estimate for March and market commentary published yesterday 20th April headlined ‘Gross mortgage lending increases 19% in March.
The Council of Mortgage Lenders estimates that gross mortgage lending reached £21.4 billion in March. Gross mortgage lending for the first quarter of 2017 was therefore an estimated £59.1 billion.
Commenting on market conditions in this month’s market commentary, CML senior economist Mohammad Jamei said: “Mortgage lending appears to be in neutral gear. Our gross estimate for March is £21.4 billion and this is broadly in line with average monthly lending over the past year. Within this aggregate level, there has been a shift towards first-time buyer and remortgage customers, away from home movers and buy-to-let landlords.
“We expect this profile to continue over the short-term, as low mortgage rates encourage existing borrowers to remortgage and government schemes help first-time buyers. We do not expect any marked effect from the General Election.”
Read the CML gross mortgage lending estimate for March and market commentary in full click here.