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Mortgage article 11:Mortgage Lending Reaches Record Level
Friday 19 April 2002
A strong rise in loans for house purchase helped mortgage lending reach a record level of £16.6 billion in March, according to figures from the monthly CML/DTLR Survey of Mortgage Lenders based on mortgage completions from both banks and building societies.
Lending rose sharply from February's total of £13.3 billion and was considerably higher than the £12.3 billion recorded in March 2001. Loans for house purchase increased to £9.3 billion in March or 56% of gross advances, compared with £6.8 billion in February (51% of gross advances). Remortgaging also reached a record level of £6.1 billion in March but, because of the particularly strong growth in loans for house purchase, it declined as a proportion of gross advances to 37%
The figures, published on the day of the CML's annual lunch, showed that the number of loans for house purchase totalled 116,000 in March, compared with 87,000 last month and 103,000 in March 2001.
But although the figures showed a small increase in the proportion of loans to first-time buyers, affordability for this group has become more difficult over the last year. On average, first-time buyers borrowed 82% of the value of their properties and 2.51 times their income last month, compared with 80% of the propertys value and 2.38 times income in March 2001.
In his speech at today's lunch, CML chairman Andrew Pople will call on the Government to do more to reduce the impact of stamp duty on first-time buyers after the Chancellor failed to ease their difficulties in this weeks Budget.
Addressing the lunch guests, Mr Pople will say: Next page
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