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 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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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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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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Gross mortgage lending grows in March

The Council of Mortgage Lenders estimates that gross mortgage lending reached £16.5 billion in March. This is 21% higher than February (£13.6 billion), and 7% higher than March last year (£15.4 billion).
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CML figures show buy to let advances down 13% from January

The latest figures from the Council of Mortgage Lenders shows gross buy-to-let advances in February totalled 15,900 loans. This is 13% less compared to January but is an 11% increase compared to February 2014.
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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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Gross mortgage lending declines in January

The Council of Mortgage Lenders estimates that gross mortgage lending reached £14.3 billion in January. This represents a 14% decrease from December’s gross lending total (£16.6 billion) and is 11% lower than the £16.1 billion lent in January last year. Commenting on market conditions, CML chief economist Bob Pannell says: "The softer pace of approvals through the second half of last year contributed to the relatively weak pace of mortgage lending in January. Although seasonal factors will continue to weigh on activity levels for a while longer, we expect the underlying picture to pick up over the coming months, in line with stronger earnings and employment, gentle interest rate trends and recent stamp duty changes. "As we forecast at the end of last year, gross mortgage lending remains on course to reach an expected £222 billion this year."
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Gross mortgage lending declines in January

The Council of Mortgage Lenders estimates that gross mortgage lending reached £14.3 billion in January. This represents a 14% decrease from December’s gross lending total (£16.6 billion) and is 11% lower than the £16.1 billion lent in January last year.
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CML says "Gross mortgage lending steady year-on-year"

The Council of Mortgage Lenders estimates that gross mortgage lending reached £16.9 billion in November. This is 9% lower than October (£18.6 billion), and matches the £16.9 billion seen in November last year.
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6% more first-time buyers in London than a year ago says CML

The Council of Mortgage Lenders (CML) released today its various regional releases for the Regulated Mortgage Survey that reflect the different areas of the UK.
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Gross mortgage lending up 5% month-on-month

The Council of Mortgage Lenders estimates that gross mortgage lending reached £19 billion in October. This is 5% higher than September (£18 billion), and 8% higher than October last year (£17.5 billion). This is the highest lending total for an October since 2007 (£33 billion).
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Arrears and repossessions still falling, reports CML

According to the CML (Council of Mortgage Lenders) there is a continuing reduction in both mortgage arrears and repossessions for the third quarter of 2014.
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CML says Gross mortgage lending £18.6 billion in August

The CML (Council of Mortgage Lenders) estimates that gross mortgage lending reached £18.6 billion in August. This is 5% lower than July (£19.7 billion) but 13% higher than August last year (£16.4 billion) and the highest lending total for an August since 2008 (£19.3 billion).
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House Purchase Lending up 33%

The Council of Mortgage Lenders reported that house purchase lending was up 33% in July, compared to last year. It also showed that lending is predominantly for house purchase rather than remortgage.
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House purchase lending steady despite MMR

The Council of Mortgage Lenders has reports steady growth in lending during the second quarter of 2014, despite the introduction of the Mortgage Market Review changes. Key Highlights: Buy to let lending was up 5% to £2.2 billion although the number of loans remained the same at 15,600. The yearly figures were strong though with a 38% increase in value and 23% in number 28,600 First time buyer loans in June - 7% higher than in May and 19% up over the year. By value this was up 11% in the month to £4.2 billion. Lending to home movers grew, though less than for first time buyers, with a 4% rise. Remortgaging remained muted. Quarterly the buy to let lending was up 3% compared to the first quarter of 2014 Paul Smee, director general of the CML, commented: “For the second month running since new FCA rules took effect, lending characteristics...
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