Loans for both house purchase and remortgage fell slightly in September, compared with August, according to the Council of Mortgage Lenders (CML). 48,200 mortgages were advanced for house purchase, worth £7.1 billion, down 2% by number and 5% by value compared to a month earlier, but up 3% year-on-year, by both number and value. There [...]
lending
Sharp rise in buy-to-let lending
The number of new buy-to-let loans increased by 16% in the third quarter of 2011, according to data from the Council of Mortgage Lenders (CML). In the three months to September, 34,500 landlord loans were advanced, up from 29,700 in the preceding quarter. Over the period, the value of mortgages increased by 19% as 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 [...]
Solid outlook for buy-to-let lending
In its outlook for 2011, Paragon is predicting that landlord finance will be more readily available as the year progresses.
The buy-to-let mortgage specialist is expecting gross lending to finish the year between 10% and 15% above 2010 levels, as the number of lenders and products increase.
According to the firm’s chief executive, Nigel Terrington, strong tenant [...]
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
