U.K. gross mortgage lending increased in March due to strong house purchase activity as buyers attempted to avail stamp duty exemption before the end of the concession on March 24, the Council of Mortgage Lenders said Monday.
Mortgage lending was estimated at GBP 13.4 billion. This represents a 30 percent rise from GBP 10.3 billion in February and a 17 percent growth from March 2011.
This was the biggest monthly total since September 2011 and the highest monthly total for March since 2008.
Gross lending for the first quarter totaled GBP 34.4 billion, down from GBP 37.8 billion in the previous quarter. But it grew 13 percent from the first three months of 2011.
by RTT Staff Writer
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