The Council of Mortgage Lenders (CML) has published forecasts for the UK mortgage and housing market, in which it predicts that arrears and repossessions are set to rise during the remainder of 2011 and throughout 2012. The lenders’ body also expects the base rate to remain unchanged at its current level of 0.5% for most [...]
Council of Mortgage Lenders
Home ownership goal stretched to aged 38
Brits with property-owning ambitions don’t expect to be able to buy their first home until aged 38, or 43 for Londoners, according to new research from moneysupermarket.com. With only 1,581 home loans currently available to first-time buyers (compared with 14,940 in July 2007) the average loan-to-value ratio stands at 77%, meaning new buyers aiming for [...]
Interest rate fears drive remortgaging surge
The first three months of the year saw a remortgaging surge, with activity accounting for 37% of the quarter’s lending (up from 30% in the previous quarter), the Council of Mortgage Lenders (CML) reports. In March, there were 33,900 loans for remortgage, up 16% compared to February and up 17% year-on-year, with the rise linked [...]
Repossessions up but mortgage arrears improve
Repossessions rose 15% in the first three months of 2011, compared with the previous quarter, according to new data from the Council of Mortgage Lenders (CML). A total of 9,100 properties were taken back by lenders, equating to 0.08% of all loans, but the figure was 10% lower than a year earlier and fell in [...]
Cash buyers make up 40% of house purchasers
Figures from the Council of Mortgage Lenders (CML), seen by the BBC, show a huge rise in the proportion of home buyers paying in cash. In January, nearly 40% of purchasers had no need of a mortgage, meaning that the proportion of loan-free buyers had more then doubled since CML records began, in 2005, the [...]
CML reports 2% fall in mortgage lending in March
The Council of Mortgage Lenders (CML) has today said mortgage lending continues to remain weak, suggesting the housing market will remain subdued this year. According to the Council, gross mortgage lending for March was 2% lower in March on an annual basis. However, on a monthly basis, gross lending rose 21% to £11.3 billion, compared [...]
UK housing market “stuck in a rut”
Gross mortgage lending remained flat in February, at around £9.5 billion, according to new data from the Council of Mortgage Lenders (CML). The total is less than 1% up year-on-year and any seasonal pick-up in house purchase demand appears to be weaker, despite a lull in activity at the start of 2010, following the end [...]
Mortgage borrowers unaware of low interest rates
One in four mortgage holders doesn’t realise that interest rates are at historic lows, research highlighted by Shelter suggests.
According to the homelessness charity, 25% of the 1,500 homeowners surveyed believe current rates are either higher than or the same as they have been in the past, or simply don’t know.
Of this group, 9% believe interest [...]
January mortgage lending down 26%
Mortgage lending plummeted by 26% in January, compared with December, but the Council of Mortgage Lenders (CML) is keen to explain how an “unusual combination of factors” are to blame.
Putting aside seasonal factors, the lenders’ body reckons the impact of government spending cuts, rising inflation and new tax measures all “discouraged” potential house buyers.
Extreme weather [...]
Gross mortgage lending down 13%
Gross mortgage lending fell to around £9.2 billion in January, down 13% on December but up 5% on a year earlier.
New figures from the Council of Mortgage Lenders (CML) show the first year-on-year increase since August 2010, although CML economist, Peter Charles, points out that the Bank of England’s latest Inflation Report warns that UK [...]
No “magic bullet” to normalise the mortgage market
The Council of Mortgage Lenders (CML) has responded to a discussion initiated by Housing Minister, Grant Shapps, over the large deposits needed by first-time buyers, by pointing out that lending constraints currently apply to all those who don’t hold a large amount of equity in their homes.
The CML explains that high loan-to-value (LTV) lending is [...]
Mortgage lending stabilises in 2010
Mortgage lending stabilised in 2010 after “very sharp” falls in 2008 and 2009, the Council of Mortgage Lenders (CML) has reported.
Over the whole of last year, there were 529,300 loans advanced for house purchase (worth £77.1 billion) up 3% by volume and 11% by value on a year earlier.
Loans for remortgage were at a [...]
Buy-to-let lending makes promising recovery
Buy-to-let mortgage lending grew by 7% in 2010, according to the latest data from the Council of Mortgage Lenders (CML).
By the year-end, there were an estimated 1.3 million buy-to-let loans outstanding, worth £152 billion.
The total value of lending during 2010 stood at £10.4 billion (up 22% on 2009), and the total number of loans [...]
Repossessions set to rise after 2010 falls
The number of repossessions by the UK’s first-charge mortgage lenders fell to 36,300 in 2010, with the figure down 24% on 2009, according to the Council of Mortgage Lenders (CML).
The decline meant that 0.3% of all mortgages were subject to possession proceedings last year, while arrears fell by 13% to 169,600 (1.49% of all home [...]
Mortgage lending at its lowest since 2000
Gross mortgage lending fell 6% in December, compared with a month earlier, to the lowest level recorded since 2000.
According to the Council of Mortgage Lenders (CML), the £11 billion total also reflects an annual decline of 18%, although comparisons are distorted by the ending of the 2009 stamp duty holiday.
For 2010 as a whole, lending [...]
Mortgage lending stable in November
Mortgage lending remained stable in November of last year, compared with October, with the UK’s banks and building societies advancing 44,000 loans for house purchase (worth £6.3 billion), according to new data from the Council of Mortgage Lenders (CML).
However, compared with a year earlier, the figures are down 15% by volume and 13% by [...]
Mortgage lending shifts back a decade
Gross mortgage lending fell to an estimated £11.1 billion in November, according to the Council of Mortgage Lenders (CML).
The figure represents a 5% drop on October and is down 10% year-on-year, although the flurry of housing market activity created by the end of the 2009 stamp duty holiday needs to be taken into account [...]
Housing and mortgage markets to remain broadly flat in 2011
In its forecast for 2011, the Council of Mortgage Lenders (CML) says it expects low interest rates to underpin “significantly” current house prices, despite low levels of property sales.
The lenders’ body is even suggesting that the base rate could remain at its current level of 0.5% for the whole of next year.
Low interest rates should [...]
Future housing conference – Council of Mortgage Lenders
Future housing conference information
24 February 2010
Conference time: 0845hrs – 1630hrs
Background
The CML compile and publish a range of statistics on the UK housing and mortgage markets including key data on mortgage lending, arrears and possessions and market segments such as buy-to-let. This unparalleled knowledge and insight into the important role housing plays in the economy is the basis on which this conference programme is built.
The detailed content will help all organisations, not just lenders, operating within the world of housing. The content discussed will be crucial to understanding current and future housing market conditions.
Chaired by Sue Anderson, head of external affairs, Council of Mortgage Lenders
Expert speakers will include:
- Michael Coogan, Director General, Council of Mortgage Lenders
- Rt. Hon John Healey MP, Minister for Housing and Planning
- Peter Williams, housing consultant and Chairman, IMLA
- Steven Hall, director, KPMG
- Bob Pannell, head of research, Council of Mortgage Lenders
- John Stewart, director of economic affairs, Home Builders Federation
- Rob Thomas, senior policy adviser, Council of Mortgage Lenders
Delegates currently booked on include:
- Technical director, Allied Surveyors
- Head of sales, Halifax Intermediaries
- Head of product delivery, HBOS plc
- Team leader, housing regeneration and third sector team, HM Treasury
- Business project manager, Legal and General Assurance Society
Cost:
£275 for members (VAT exempt)
£325 for non-members (VAT exempt)
Our event fees remain highly competitive with prices for members and associates not having increased since January 2007
Location:
The Westbury Hotel, Bond Street, Mayfair, London, W1S 2YF
This event is open to press
Latest Bank mortgage lending figures may point to slower January – Council of Mortgage Lenders
The latest Bank of England mortgage data published today confirms the likelihood that there may have been a “bunching” of house purchase transactions in December to beat the stamp duty concession deadline.The gross lending total of £13.4 bn in December 2009 was in line with the CML’s estimate (£13.5 bn) and seems to confirm the CML’s view that much activity was “rushed through” to beat the stamp duty deadline. Gross lending totalled £143.5 bn in 2009.
Net lending remains up from the near stagnation in the middle of the year. For 2009 as a whole net lending totalled £11.5 bn. This was the lowest level on record (back to 1987), but higher than the CML forecast of £8 bn. It was largely driven by the relative strength of house purchase activity, which picked up over the latter part of the year, and weak levels of repayments. The CML sees little if any evidence that households, in aggregate, are using low interest rates to pay down mortgage debt more quickly.
CML economist Paul Samter said:
“These figures confirm that the mortgage market ended 2009 in much better shape than it started, but it still looks like a slow haul back to meaningful levels of activity. It should be no surprise if January and February this year appear particularly slow, if we are correct in our view that many buyers rushed to beat the stamp duty concession deadline in December.”
Notes to editors
1. The December lending data is available from the Bank of England website.
- Contact details
- Name: Sue Anderson
- Tel: 020 7438 8924
- Email: sue.anderson@cml.org.uk
- Name: Bernard Clarke
- Tel: 020 7438 8923
- Email: bernard.clarke@cml.org.uk
- Name: Jayne Chichester
- Tel: 020 7438 8922
- Email: jayne.chichester@cml.org.uk
