BBC reported Mortgage lending jumped to £11.5bn in March, a 24% rise from February the Council of Mortgage Lenders (CML) said.

According to figures released on the 19th April 2010 by the UK's Council of Mortgage Lenders (CML), overall lending in this sector rose to around £11.5 billion in March. This represents a 24% increase on February's figures and a 3% increase those issued for March 2009. Does this increase mean that the housing sector is in recovery?

According to the CML these figures are: "in line with the typical seasonal pattern of a rise in lending volumes in March". Often referred to as the spring boost, figures in March will commonly start to rise. The better weather post-Christmas leads many consumers to start to seriously think about taking out a new mortgage or remortgaging to buy a new property as summer approaches.

The recent budget boost in stamp duty for first time buyers may also be playing a part in these statistics. The savings that many new property owners can get may be making it more cost effective for them to take their first steps on the housing ladder. This may not have had a significant effect, however, as the new rates came into play towards the end of March itself.

The property market appears to be picking up after its immediate post-Christmas slump. This revival would normally happen anyway during the spring.

Mortgage lending in the UK for the first quarter of 2010, despite this March increase, is lower than it was in the last quarter of 2009. This, however, is thought to be based on the fact that people rushed to put through mortgage deals late last year as the then stamp duty holiday offer was due to end.

The CML predicted a gross lending total of £150 billion for mortgages this year and claim that March statistics are still in line with this. The body describes the current mortgage market as "subdued" and likely to show a "gentle improvement" in the coming months.