The mortgage market experienced its strongest April since 2008, according to figures released today by the Council of Mortgage Lenders. In April, lenders advanced an estimated £12.1bn to borrowers, up 4.3% on the £11.6bn advanced the month before.
April’s figure was also up 22.2% on the £9.9bn advanced to borrowers in April 2012. However, the trade body says year-on-year comparisons are misleading as last April’s figure comes immediately after the stamp duty holiday ended.
The last time gross lending in April was higher was in 2008, when lenders advanced £26.4bn to borrowers. In April 2009, 2010 and 2011 lenders advanced £10.4bn, £10.2bn and £10bn, respectively. April’s gross lending performance is the best since November, when £13bn was advanced to borrowers.