UK gross mortgage lending surged 9.7pc in March from the previous month, to STG19.3bn, according to the Council of Mortgage Lenders. In February, gross mortgage lending fell 9.3pc to STG17.6bn. Gross lending includes re-mortgages for property holdings, as well as mortgages for new house purchases. The value of loans for new house purchases rose 6.8pc to STG7.8bn in March, after dropping 9.9pc in February. On a year-on-year basis, the value of new mortgages for house purchases is down 13.3pc. This is the first year-on-year decline in lending for house purchases since last June.
The average rate for all new mortgages fell to 4.34pc in March, from 4.35pc in February. The average variable rate mortgage was 4.20pc, up from 4.15pc, while the average fixed rate fell to 4.50pc from 4.67pc. The total number of mortgages for new home purchases rose 6.0pc in March to 89,000, after falling 7.7pc in February. This is well down from year ago levels, however, standing 20.5pc below the March 2002 mark. ////www.fxcentre.com