During the month of March, mortgage lending went up by 21%, providing a welcome boost to the market.
March recorded the highest levels of borrowing since November, with a total of £11.3 billion advanced. The figures were, however, slightly down on corresponding figures for March last year.
Council of Mortgage Lenders (CML) chief economist Bob Pannell said: ‘The housing market has emerged hesitantly from hibernation. Lenders expect mortgage credit availability to improve this quarter, and this should help to underpin house purchase activity, albeit at pretty low levels.
‘Remortgage demand, meanwhile, continues to firm, presumably linked to expectations of higher base rates. Stronger remortgage activity looks set to continue propping up overall lending.’
Good news for those trying to get on the property ladder then, though agents still warned that many home-owners are pricing their properties too high.