CML: House purchase lending up last month

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CML: House purchase lending up last month

The Council of Mortgage Lenders (CML) has released figures which show that house purchase lending accounted for 35 per cent of all mortgage lending in the UK in March - a figure up by four per cent compared to February.

According to the group's statistics, the figure is at its highest since December 2007 and applications from first-time house buyers were up from 38 per cent in February to 40 per cent last month.

However, it also revealed that the number of first-time buyers is still relatively low, standing at 12,500 compared to 17,800 during the same month last year.

Bob Pannell, head of research for CML, commented: "While there are some signs of demand increasing, house prices remain weak and lending criteria inevitably remain inherently conservative as lenders necessarily seek to rebuild their capital position."

As well as paying close attention to their mortgage costs, homeowners should also make sure their contents are covered, as the average home contains £45,000 worth of goods, according to Sainsbury's Home Insurance.

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