The amount of money lent in UK mortgages rose by 16% to £11.5bn from February to March, but the figures were down 52% on March 2008.

Gross lending figures for the first quarter of this year show that the usual seasonal fall between the fourth quarter and the first of the next year has increased this year, according to figures published by the Council of Mortgage Lenders.

During the first quarter, gross lending was an estimated £33bn, a 29% decline from the fourth quarter of 2008 and the lowest quarterly lending total since the first quarter of 2001. The decline is usually about 10%.

The Times, The Independent