Mortgage Lending Rise 8% In April
According to a new report by the Council of Mortage Lenders (CML), new mortage approval rate increased by 8% to 40,900 in April.
While this is the fourth monthly increase in mortgage loans it is still 2% lower than it was in April last year.
Michael Coogan, the CML’s director general, said: “The market continues on a stable footing and the increase in house purchase lending is a good sign that the stability will continue throughout 2011.”
“However, the economic outlook, coupled with Bank of England subdued approvals data for April, suggests a muted summer for mortgage completions so we do not expect further increases in lending over the coming months,” he added.
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