According to figures, lending leapt by 22 per cent from February’s recorded figure of £25.5 billion, 10 per cent higher than the March 2006 figure.
Meanwhile, according to data from the Building Societies Association (BSA), gross advances at building societies amounted to £5,469 million in March 2007, compared to £4,199 million in March 2006, with net advances at £1,848 million, versus £815 million a year earlier. Approvals were up at £5,741 million in comparison to £5,643 million in 2006.
get the daily news delivered to your inbox
Michael Coogan, director-general at the CML, said: “There is still a question mark over just how strong mortgage lending will be over the coming months as the prospect of higher interest rates takes its toll on demand. But, we continue to expect lending to reach a record £360 billion this year.”
Adrian Coles, director-general at the BSA, said: “This is largely a reflection of strong approvals seen in recent months. However, lending may be beginning to cool.”
Jeff Kirk, corporate relationship manager at Leeds BS, said: “March is always a strong month for mortgage lending and this year is no exception.”
catch up on the industry buzz
