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Mortgage lending 'increases by a fifth'

By Wesleyan

Spring has sprung renewed mortgage activity, following a slow beginning to 2015, lenders have revealed.

Home loans increased by over a fifth (21 per cent) in March to around £16.5 billion compared to the previous month, according to the Council of Mortgage Lenders (CML).

This sum also represented a seven per cent hike on the £15.4 billion figure of March last year, the CML reported.

Experts predict that the trend should continue in the months ahead, as the impact of December's stamp duty reforms starts to kick in.

March's improved statistics could not prevent a quarter-on-quarter slump, however.

The first three months of 2014 saw three per cent more mortgage deals advanced compared to the opening three months of this year.

Bob Pannell, chief economist of the CML, said that the effect of last December's stamp duty reform is likely to extend March's improved lending figures into the next few months.

Copyright Press Association 2015

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