The Council of Mortgage Lenders (CML) estimates that gross mortgage lending reached £16.5bn in March. While gross mortgage lending in March was 21% higher than February and 7% higher than March 2014, gross mortgage lending for the first quarter of 2015 was 12% lower than the last three months of 2014 and 3% lower than the first quarter of 2014.

CML chief economist Bob Pannell commented that “the underlying lending picture is stabilising” and that CML expects to “see lending strengthen over the next few months, albeit from a relatively sluggish start in 2015”.

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