Gross mortgage lending up 21% year-on-year

The Council of Mortgage Lenders estimates that gross mortgage lending reached £17.9 billion in January. This is 9% lower than December’s lending total of £19.8 billion, but 21% higher than the £14.8 billion lent in January last year. This is the highest lending total for a January since 2008 (£25.2 billion). Commenting on market conditions in this month’s market commentary, CML economist Mohammad Jamei said: Lending started the year on a positive note. Our monthly estimate is 21% higher than a year ago, with the current growth rate in lending similar to the closing months of 2015. UK market fundamentals are helping to underpin this recovery, with real wage growth, an improving labour market, competitive mortgage deals, and government schemes all supporting household demand. We still only see limited upside potential going forwards, as the number of properties for sale on the market remains low and affordability pressures weigh on...
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Are More UK Investors Going to Buy Property Abroad?

  There are currently a number of reasons to suspect that the UK's property investors may be about to increase their interest in overseas markets. Not least of these is the continuous roll-out, over the next few years, of tax changes designed to target investors in the UK market. The Council of Mortgage Lenders (CML) expects that by 2017, the number of UK homes purchased as buy-to-let investments will be down by more than 20% compared to 2015. However, most of the investors who are no longer buying UK properties will likely be looking for alternatives rather than giving up on new investments altogether. Continuing to invest in buy-to-let but doing so in overseas markets that are sheltered from the UK's current anti-lettings climate could prove an attractive solution. In particular, many markets in Europe are just at the start of recovery from recession. For investors, this means the chance to...
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Gross mortgage lending up 8% in 2015

The Council of Mortgage Lenders estimates that gross mortgage lending reached £19.9 billion in December. This is 3% lower than November (£20.5 billion), but 23% higher than December 2014 (£16.2 billion). This brings the estimated total for the year to £220.3 billion, an 8% increase on 2014’s £203.3 billion and the highest annual gross lending figure since 2008. Gross mortgage lending for the fourth quarter of 2015 was therefore an estimated £62.3 billion. This is a 1% increase on the third quarter and a 23% increase on the fourth quarter of 2014. Commenting on market conditions in this month’s market commentary, CML economist Mohammad Jamei observes: Lending ended the year stronger than it started, with our estimate of nearly £20 billion lent in December. This brings total lending to just over £220 billion for 2015 as a whole, and slightly higher than we had anticipated. The low inflation environment, along...
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First-time buyers in London up 17% in the third quarter

New CML data on the characteristics of lending in Greater London in the third quarter of 2015 outlining mortgage lending to first-time buyers, home movers and remortgagors. Lending in the third quarter 2015: First-time buyer loans totalled 12,800 in London - up 17% on the previous quarter but down 1% on the third quarter in 2014. First-time buyers borrowed £3.4 billion - up 24% on the previous quarter and 4% on the same quarter in 2014. There were 10,800 home-mover loans in London, up 32% on the previous quarter and 5% on the third quarter of 2014. Total value of these loans was £4bn, up 38% on the second quarter and 11% on the third quarter 2013. Remortgage lending increased 8% by volume and 10% by value compared to quarter two. Compared to the third quarter last year, it was up 15% by volume and 25% by value. Paul Smee, director general of the CML, commented: In London, as in the UK, the market...
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First-time buyer lending in Wales up 21% in third quarter

New CML data on the characteristics of lending in Wales in the third quarter of 2015 outlining mortgage lending to first-time buyers, home movers and remortgagors. Lending in the third quarter 2015: First-time buyers took out 3,700 loans in Wales - up 16% on the previous quarter and on Q3 2013. First-time buyers in the period borrowed £410 million - up 21% on the previous quarter and the same quarter last year. There were 3,900 home-mover loans in the third quarter, up 8% on the previous quarter and 3% more than in quarter three 2014. Total value of these loans was £550 million, up 12% on the second quarter and up 6% on the third quarter 2014. Remortgage lending in the quarter in Wales grew quarter-on-quarter and year-on-year by volume and by value. Julie-Ann Haines, CML chair for Wales, commented: House purchase and remortgage activity in Wales continued to show positive growth for the second quarter in a row, after a subdued start to...
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Northern Ireland house purchase and remortgage activity up in third quarter

New CML data on the characteristics of lending in Northern Ireland in the third quarter of 2015 breaking down mortgage lending activity for first-time buyers, home movers and remortgagors. Lending in the third quarter 2015 Home-owner house purchase activity increased to 3,600 loans - up 16% on the second quarter and 6% on the third quarter in 2014. First-time buyers and home movers saw similar trends to each other with both increasing quarter-on-quarter and year-on-year. The number of loans for remortgage remained the same quarter-on-quarter at 1,700 loans, but up 55% in volume compared to the third quarter 2014. Derek Wilson, CML chair for Northern Ireland, commented: The increased house purchase activity is encouraging especially as it is driven by those purchasing their first homes. Affordability conditions are relatively good in Northern Ireland compared to the UK overall, so there is potential for further growth to close out the year. Remortgage activity is coming from a low...
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First time buyers in Scotland up by 16%

      Lending in the third quarter 2015: There were 8,500 first-time buyer loans in Scotland - 4% up on the previous quarter and 16% up on Q3 2014. First-time buyers in the period borrowed £920 million - up 2% on the previous quarter and 16% on Q3 2014. At 10,000 loans, there were 12% more home-mover loans in the third quarter than the second, and 15% more than in Q3 2014. The value of home-mover lending was £1.5 billion, up 16% on the second quarter and 17% up on the third quarter 2014. Remortgage lending went up in value quarter-on-quarter and year-on-year. Linda Docherty, CML chair for Scotland, commented: The past two quarters have seen the highest level of borrowers purchasing their home in Scotland since 2007. Activity has remained robust over the past six months, with a surge in both first-time buyers and home movers, and with an economic...
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The CML report that gross mortgage lending continued to rise in October

The CML estimates that gross mortgage lending reached £21.8 billion in October – which is 8% higher than September’s lending total of £20.1 billion. Lending also rose 19% year-on-year from £18.4 billion in October 2014, in addition to the month-on-month rise. This is the highest monthly figure since gross lending reached £23.6 billion in July 2008. Bob Pannell, CML chief economist, comments: "As lending in the regulated mortgage space picked up over the summer months, the pace of recovery has improved. This looks set to continue over the closing months of the year with the factors helping support this recovery continuing to be low inflation, strong wage growth, an improving labour market and competitive mortgage deals. As a result lending this year is likely to exceed our forecast of £209 billion, though affordability pressures will limit business volumes for first-time buyers and movers meaning that we think the market has only...
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Gross mortgage lending shows monthly and quarterly rise

  Gross mortgage lending reached £20 billion in September estimated The Council of Mortgage Lenders - 2% higher than August’s lending total of £19.7 billion. In addition to the month-on-month rise, lending rose 12% year-on-year, from £17.8 billion in September 2014. This is the fourth month in a row that there has been a sharp improvement in year-on-year lending. Gross lending in the third quarter of 2015 was therefore an estimated £61.4 billion. This is 18% higher than the £52.2 billion advanced in the second quarter, and an increase of 12% on the third quarter in 2014, when lending totalled £55 billion.  CML economist Mohammad Jamei said: "Mortgage lending is currently enjoying its best spell since 2008. As we expected, the second half of 2015 has seen a pick up in activity in the housing market after a slow start to the year. Low inflation, strong wage growth, falling unemployment and competitive...
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CML report that Gross lending is up 29% in June!

Gross mortgage lending in June showed a significant rise compared to the previous month, according to the Council of Mortgage Lenders. It rose by 29% compared to May to an estimated £20.5 billion. In addition to the month-on-month rise, there was also a year-on-year increase of 15% on the £17.8 billion of lending undertaken in June 2014. Gross lending in the second quarter of 2015 came to £52.2 billion which was up 17% from the previous quarters £44.5 billion, and was a modest increase of 1% on the second quarter in 2014 when it totalled £51.7 billion. Forward indicators of lending suggest an upturn will be felt in coming months CML economist Mohammad Jamei said: Activity is picking up after a slow start to the year. Our lending figure for June may be flattered by the end of political uncertainties related to May’s general election, and the underlying picture is likely to be one of only modest...
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CML estimates small May monthly rise in lending

Gross mortgage lending in May (not seasonally adjusted) showed little change on the previous month or on the same month last year, according to the Council of Mortgage Lenders. It rose by 2% on the previous month to an estimated £16.2 billion, but was 3% lower than the £16.8 billion of lending undertaken in May 2014. Forward indicators of lending, such as Bank of England data on approvals, suggest that the market can expect an upturn in lending over the coming months, reflecting the CMLs assessment that a modest recovery is under way. CML economist Mohammad Jamei remarks in the CMLs monthly market commentary: The economic environment is one that should support increased activity in the near term, coupled with low mortgage rates. But while we expect these factors to support activity, there is a limited upside, driven mainly by affordability constraints. As we expected, activity in the housing market is showing signs of a...
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Monthly house purchase lending in April down 10% on last year

Lending in April: Lending in April was weaker compared to a year ago. First-time buyers saw a decline in lending compared to March and April last year. Home mover lending volumes went up slightly month-on-month but there was a year-on-year decline compared to April last year. Home-owner remortgage activity declined compared to last year. Buy-to-let continues to grow year-on-year, mainly driven by remortgage activity, although there was month-on-month decline compared to March. Paul Smee, director general of the CML, commented: "House purchase lending in April was relatively subdued compared to last year, but similar to activity in March. The economy is recovering, with employment up, earnings growing, and competitive mortgage rates, so we expect activity to continue building as the year progresses. Buy-to-let is showing stronger growth than home-owner lending, buoyed significantly by remortgaging, which continues to remain more subdued in the home-owner market".     Lending for buy-to-let Lending for...
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Arrears and repossessions continue to fall, says CML

Latest figures from the Council of Mortgage Lenders show a fall in the first quarter of this year in the number and the proportion of mortgages in arrears or ending in repossession. A decline was experienced in all arrears bands, and across both owner-occupier and buy-to-let lending.
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House Purchase Lending still subdued

Data on the characteristics of UK mortgage lending in January 2015 was released by the CML. This data is broken down into buy to let lending, first time buyers, home mover and remortgage. Lending in January: First-time buyers saw a drop in lending compared to December and the same month in 2014. There were 19,000 loans advanced to first-time buyers January - down 27% on December and 14% compared to January 2014. These loans by value were £2.8 billion, which was down 26% on December and 10% down on January last year. Home movers were advanced 22,400 loans, a decline of 24% compared to December and 17% down year-on-year. These loans totalled in value £4.2bn - 24% down on December and 14% down compared to January 2014. Remortgage lending increased month-on-month with 25,600 loans advanced - up 15% on December but 12% down on January 2014. The value of these loans (£4.1 billion) also increased month-on-month by 21% but was down 5% year-on-year compared...
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Gross Mortgage Lending down

The Council of Mortgage Lenders estimates that gross mortgage lending reached £13.4 billion in February.
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2014 repossessions down 26%, says CML

The number of repossessions fell to 21,000 in 2014 - 26% fewer than the 28,900 in 2013, and the lowest number since 2006, according to latest data from the Council of Mortgage Lenders. At 0.19%, the repossession rate was also lower in 2014 than at any time since 2006. Out of the 21,000 total number of repossessions, 16,100 were on owner-occupied properties, and 4,900 were on buy-to-let properties. At 0.3%, the repossession rate on buy-to-let mortgages was higher than the 0.17% on owner-occupier loans, despite the fact that the underlying arrears rate was lower on buy-to-let lending than on home-owner lending. This is unsurprising, as lenders offer extended forbearance to owner-occupiers to help them get through periods of financial difficulty without losing their home. There were also fewer mortgages in arrears at the end of 2014 than at any time since 2006. 1.05% of all mortgages were in arrears equivalent to 2.5% or more...
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First-time buyer lending in Scotland up 23% in 2014

New CML data on the characteristics of lending in Scotland in the fourth quarter of 2014 show a decline quarter-on-quarter and year-on-year in house purchase but an increase in first-time buyers compared to the fourth quarter of 2013.
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Wales house purchase lending up 9% in 2014

New CML data on the characteristics of lending in Wales in the fourth quarter of 2014 show it remains largely consistent with the previous two quarters of lending.
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25% more first-time buyers in Northern Ireland in 2014

New CML data on the characteristics of lending in Northern Ireland in the fourth quarter of 2014 saw house purchase and remortgage lending up on the previous quarter.
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House purchase lending in London slowed in fourth quarter, says CML

New CML data on the characteristics of lending in Greater London in the fourth quarter of 2014 show a decline in the level of house purchase and remortgage lending both year-on-year and quarter-on-quarter.
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