UK Mortgage lending soars 22% in a month

The Council of Mortgage Lenders (CML)have announced Gross mortgage lending soared in the UK to a March record of £31.3 billion a 22% increase on February's lending figure of £25.5 billion and 10% higher than the £28.3 billion lent in March 2006.

CML Director General Michael Coogan said: " .. we continue to expect mortgage lending to reach a record £360 billion this year." It reflects of course the continuing rise in nationwide house prices reported by the Halifax today of 11.1 %.

In London prcies increased by 14.9 % on this time last year and are up 2.2 % in the last 3 months.

The survey finds the average house price in London is 297,132 pounds. This is 104,818 pounds above the national average of 192,314 pounds.

CML Historical Table of lendings available as Excel spreadsheet.

Read the perceptive Mike Whitney on the US Housing Crash (April 18th) here - which is in no way similiar to the UK market.

For an explanation to support the Nationwide chart go here.