Steve Bolton, Founder of Platinum Property Partners, comments on CML mortgage lending data (August 2016):

  “Five months after the introduction of stamp duty changes for landlords, buy-to-let (BTL) mortgage lending remained subdued, with the number and value of loans down by more than 10% year-on-year. With tougher affordability checks being introduced for BTL borrowers, we can expect the number of loans to fall further in 2017. “The stamp duty surcharge is just one in a series of recent changes implemented by the Government designed to penalise landlords and derail the BTL market. Section 24 (the Tenant Tax) will restrict landlords’ ability to deduct mortgage interest costs as a business expense and as a result force many to exit the market or increase rents, when many haven’t done so for years, as their growing tax bill will wipe out any profits. Wealthy, institutional landlords who can purchase properties without the need for mortgage finance will not be affected, creating an unfair playing field and leaving...
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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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Mortgage lending in the UK is back at pre-crash levels. What's next?

Mortgage lending has climbed to a seven year high due to rising house prices and increasing consumer confidence within the UK. Reports show that banks approved more loans and overdrafts in October than they have ever done over the last decade.  This has led to a new dilemma for policymakers. Bank of England governor Mark Carney only recently warned about the rising level of household debt. Andy Haldane, his chief economist agreed that they may have to intervene to reduce demand across board. Their concerns and position will be further strengthened by the fact that gross mortgage lending climbed to £12.9bn in October.  This is a 26% increase from October 2014 and is the highest level since the crash in 2008. There was also a rise of 21% for house purchase loans as the number rose from 44,825 in September to 45,437 in October. There are a number of factors...
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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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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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Slight pickup in house price growth in October

  Nationwide have just released their HPI for October. House prices increased by 0.6% in October Annual house price growth ticked up to 3.9% Commenting on the figures, Robert Gardner, Nationwide's Chief Economist, said: “UK house prices increased by 0.6% in October, with the annual pace of price growth edging up to 3.9% from 3.8% in September. “Over the past five months annual price growth has remained in a fairly narrow range between 3% and 4%, broadly consistent with earnings growth over the longer term. While this bodes well for a sustainable increase in housing market activity, much will depend on whether building activity can keep pace with increasing demand. Fixed rate mortgages remain most popular “Fixed rate mortgages have remained the most popular product type by a considerable margin in recent years. Data from the Council of Mortgage Lenders suggests that almost 90% of new mortgages were contracted on fixed...
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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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New analysis from Rightmove shows the biggest gap between demand and supply is in the first-time buyer sector

Key points New analysis from Rightmove shows the biggest gap between demand and supply is in the first-time buyer sector:  Number of enquiries per property for two bedrooms or fewer is 24% higher than for larger properties of three bedrooms or more  Challenge for government, planners and developers is how best to address this specific demand  Price of property coming to market sees marginal increase for the second consecutive month to a new record high, up 0.1% (+£191) to £294,542 Sharp drop in new seller numbers emphasises supply crisis and shortage of people trading up: Number of new sellers down 10.6% on same period in 2014  High June demand with Rightmove visits and enquiries to agents both up 22% on last year The price of property coming to market has hit a new record high for the second consecutive month, albeit only a small 0.1% (+£191) increase on the month...
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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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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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CML say seasonal lull in house purchase more prominent

The traditional beginning of year seasonal lull in lending is slightly more prominent in house purchase lending than in previous years, especially in comparison to the particularly strong levels at the start of 2014. Affordability constraints remain a factor for would-be borrowers, but we are still projecting lending to pick up over the next few months.
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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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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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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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House purchase lending down 12% in November says CML

New CML data on the characteristics of lending in November 2014 show a decline in lending trends to first-time buyers, home movers and remortgaging, from the heights of November 2013; but a year-on-year increase in buy-to-let lending.
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First-time buyers borrow 22% more in October than last year

The CML report for October 2014 shows that there is growth in lending trends to first time buyers, home movers and buy to let but a decline in remortgaging.
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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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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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Nationwide HPI - Annual house price growth continues to soften

The annual pace of house price growth continued to moderate in October, declining to 9% from 9.4% in September, the second consecutive month where annual growth has fallen. This is despite house prices increasing by 0.5% month on month in October.
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