In total, 53,200 loans were advanced for house purchase, up 6% compared to March, and the value of these loans totalled £8.8bn, a rise of 11% on March.
Compared to April 2013, the number of loans increased by 33% and the value of lending by 47%.
The number of loans advanced to home movers for house purchase totalled 28,700 in April, up 11% compared to March and 30% compared to April 2013. Home mover loans totalled £5.3bn in value in April, which was up 15% on March and up 47% on April last year.
Home-owner remortgage activity in April totalled 26,300 remortgage loans advanced in the period. Unlike house purchase loans, the number of remortgage loans did not show an increase, but remained unchanged, in April compared to April 2013. However, it was 6% higher than in March. These loans totalled £4bn in value, an increase of 11% month-on-month and up 18% compared to April 2013.
The number of remortgage loans was 6% lower than in March, but up 38% on April last year. These loans had a total value of £1.2bn, up 3% on March and 60% compared to April last year.
Paul Smee, director general of the CML, commented:
“First-time buyers and home movers continue to be key drivers in the growth of the market and, despite fears that MMR preparations may hinder this momentum, we have seen a continued year-on-year upward trend every month in 2014. The UK picture continues to mask a disparate set of varied local conditions, but overall we expect lending levels to continue to build on the foundation of growth we have seen over the past 12 months."
Mark Harris, chief executive of mortgage broker SPF Private Clients, says:
"With 6,600 more first-time buyers in April compared with a year ago, the success of the Help to Buy scheme and willingness of lenders to offer high loan-to-values beyond it, is evident.
"Lending volumes continue to grow, albeit not at the frenetic pace witnessed at the end of last year. The implementation of MMR - both in the run-up to the official launch and afterwards - has caused a bit of a slowdown on the lender side as new systems take a while to bed in.
"There are also concerns that interest rates will rise sooner rather than later which is affecting confidence, although the economy is still weak so such fears could be premature. However, while we don't know for sure when rates will rise we do know that they will at some point, so locking into a competitively priced fix makes a lot of sense.
"Agents report a slight easing in interest and activity but the right house in the right road will still go to sealed bids. With more property coming onto the market as vendors try to sell before it hits its peak, buyers finally have more choice."
