Lending stronger in March
Mortgage lending was stronger in the three months up until March,
as those who were looking for property purchases were afforded
better conditions by mortgage providers across the country.
Net mortgage lending from mutuals was up by 40 per cent in the
quarter when compared to the same three-month period last
And first-time buyers were afforded some slack at last, with the
three months until March providing them with 6,500 mortgage
approvals, showing a significant growth on the 3,100 seen last
year, although this growth can, in part, be credited to the fact
that people were rushing to beat the end of the stamp duty holiday
on March 24th.
The market was also particularly strong for those who are looking
to move home.
Adrian Coles, director-general of the Building Societies
Association, said: "Approval figures demonstrate that there is a
strong mortgage pipeline, which suggests that mutuals' mortgage
lending will hold up well into the summer."