Gross mortgage lending rose by 19% on the month in March but was down by the same amount on the year-earlier period, when buyers were rushing to complete on purchases ahead of stamp duty changes.
The Council of Mortgage Lenders’ senior economist, Mohammad Jamei, described the market as having slipped into neutral gear.
This profile is expected to continue in the short term, with low mortgage rates encouraging existing borrowers to remortgage and government schemes helping first-time buyers, he said. The CML does not expect any marked effect from the general elections.
