House purchase lending increased by 45% in March, marking the ninth consecutive month of year-on-year growth, figures released by the Council of Mortgage Lenders (CML) have revealed.

According to current figures, 45,000 loans for house purchases in March, totaling £6.3 billion, were up 25% in volume from February and the 28,000 loans for remortgages, worth £3.5 billion, rose by 23%.

Additionally, first-time buyer activity is now faster than home-mover activity with 17,300 loans to first-time buyers in March, up 27% on February and 42% on March 2009.

March also saw first-time buyers borrow an average of 76% of the property price for the second month running, while the average deposits for first-time buyers have been lower than 25% in consecutive months for the first time in over two years.

The CML claims such promising figures may finally demonstrate that mortgage lending has escaped the recession’s grip, but, experts claim interested buyers could still face an unpredictable future.

“The UK is at risk of a chronic under-supply of credit – and the rationing of mortgages for customers – for years to come,” commented Michael Coogan, Director General of the CML.

"Today's figures indicate there is currently some momentum to house purchase lending, but for the sake of the future health of the housing and mortgage markets, the new government will need to focus on the critical issue of funding and how to address the issues arising from the repayment of the emergency support provided during the financial crisis.