Mortgage lending soars by nearly a quarter

Mortgage lending soared by nearly a quarter to £11.5 billion last month as the traditional spring buying season got off to a good start, figures showed today.

But the estimated hike in lending failed to offset a dire January, with loans advanced during the first three months of the year slumping to the lowest quarterly level for 10 years, according to the Council of Mortgage Lenders (CML).

While gross mortgage lending in March was 24% higher than in February and 3% up year on year, lending in the first quarter reached £29.5 billion - down by nearly a quarter on the previous three months.