The Council of Mortgage Lenders' (CML) monthly lending survey has found that those thinking of getting on the property ladder are benefiting from low debt servicing costs.
It believes they are at their lowest level for five years, with house purchase lending accounting for 35 per cent of all mortgage lending in March.
Bob Pannell, CML head of research, commented: "The burden of debt payments is low and mortgage interest is consuming proportionately less income than for a number of years. This is good news for now."
In March, the number of loans given to first-time buyers increased by 36 per cent on figures from the previous month, with loans totalling £1,313 million.
Earlier this month, the CML responded to the Bank of England's mortgage lending data, saying it was "mildly positive" during the first quarter of the year.
It added that it was fairly optimistic for the remainder of the year, but may be forced to change its position.
See Also: Property News (6705)
Date Published: 14 May 2009
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