The value of mortgages for home purchase rose slightly in April, according to the Council of Mortgage Lenders (CML).
40,900 loans, worth £5.9 billion were advanced. This is up on March figures, where 37,900 loans totalling £5.5 billion were advanced. However, it’s lower than the numbers for the same period last year, where £6 billion was advanced. A further £3 billion of remortgage loans were also advanced, slightly higher than last year.
Michael Coogan, CML 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.”
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