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Mortgage costs 'lowest in five years'
Those looking to enter the housing market are experiencing the lowest debt servicing costs since 2004, according to the Council of Mortgage Lenders (CML).
In its latest monthly lending survey, the CML said while borrowers still need large deposits and overall lending remains constrained, lenders granted 29 per cent more mortgages in March, compared with February.
First-time buyers also accounted for a larger share of house purchases - 40 per cent of all loans - the highest proportion since April 2005.
However, the 12,500 first-time buyers in March this year is still considerably lower than the high of 17,800 recorded in March 2008.
CML head of research Bob Pannell said: "For those without substantial deposits, entering the market is still both difficult and uncertain.
"While there are some signs of demand increasing, house prices remain weak and lending criteria inevitably remain inherently conservative as lenders necessarily seek to rebuild their capital position."
Earlier this week, the Royal Institution of Chartered Surveyors said that new enquiries in the housing market rose for the sixth consecutive month in April.