UK Housing Market Is In Neutral Gear, Say Lenders

The UK's housing market is in "neutral gear" and the general election will do little to change that, the mortgage lenders' trade body has said. The Council of Mortgage Lenders (CML) said gross mortgage lending totalled £21.4bn in March, in line with the monthly average over the past year. But it was much less than the £26.3bn lent in March last year, when there was a surge in buy-to-let borrowing. Then, landlords rushed to buy homes ahead of a rise in stamp duty. Since that surcharge came in, the buy-to-let market has become more subdued, as has the market for home movers. Read more on the BBC.