CML Director General Michael Coogan says, they are not convinced that underlying trends have shifted sufficiently to change their forecasts for mortgage market activity in 2009, but there are some positive signs for later in the year. According to him, some large banks are making more and more loans available through enhanced lending commitments, which is helpful, but will not satisfy consumer borrowing demand on its own.

The number of completed home loans for house buyers has risen slightly on a monthly basis, running at about one-third of the average of February’s total, ie., 76,000 loans for house purchase between 2002 and 2007. Accordingly, the total value of the completed home loans has remained unchanged at £3.1bn, which remains in stark contrast with the recent years.