March saw the highest level of mortgage lending on record since before the credit crunch.

In One of Mortgage Solutions articles they stated that Mortgage lending in March rose to a massive £25.7bn, according to the Council of Mortgage Lenders – the highest March figure since 2007.

This lending boom was fuelled by buyers racing to beat the second property Stamp Duty 3% surcharge deadline, including buy-to-let investors.

Lending was 43% higher than in February (£18bn), and 59% higher than March 2015 (£16.2bn), taking the total for the first quarter of 2016 to £62.1bn, a significant 40% higher than the same time last year.

However, CML economist Mohammad Jamei warned that lending could now fall following the spike last month. He said: “The substantial jump in lending in March was significantly influenced by a late surge of activity to beat the Government’s Stamp Duty change on second properties, which came into effect at the start of April. The distortion caused by this Stamp Duty change appears to be larger than any previous change we’ve seen.

 

 

Source:http://www.mortgagesolutions.co.uk/news/2016/04/21/copy-of-lending-surged-to-25-7bn-in-march/   22/04/2016