Highest lending levels since 2007 [CML]

The CML Regulated Mortgage Survey for September 2013 shows that although home-owner purchase lending fell, within the quarter itself lending was the highest level since 2007.

CML Gross Mortgage LendingThe CML Regulated Mortgage Survey for September 2013 shows that although home-owner purchase lending fell, within the quarter itself lending was the highest level since 2007.

Key Facts – Home Owners

  • Total home-owner house purchase lending was down 14% on August, but up 21% against the same month last year.

  • The third quarter of 2013 had the highest quarterly lending since 2007

  • 1st time buyers had 2,3600 loans, an increase of 34% compared to September 2012. The Quarterly figures were also up by 16% on the second quarter of 2013

  • Lending for house moves was down by 16% in volume in the month, but up 21% on the quarter

  • Remortgage lending for home-owners was up 20% on the month and 11% on the quarter

 

Paul Smee, director general of the CML, commented:

“The typical seasonal fall in lending in September was expected but we are seeing appreciable year-on-year and quarterly lending rises that suggests the market is continuing its recovery.

“First-time buyers were a key driver in the first half of 2013 but now home movers and remortgages are showing renewed strength which puts the market in a good position to continue momentum into the final few months of 2013 and the new year.”

 Key Facts – Buy-to-let

  • Buy-to-let loans increased ony slightly by 0.7% compared to August, representing 14,600 loans being advanced. This is alongside a fall in home-owner lending in the same period

  • The total value of the loans was actually unchanged from August at £1.9bn

  • In the third quarter (July-Sept) BTL lending grew by 16% with 43,900 loans. Over the year this represented a 36% increase

  • BTL remortgaging also increased, with the number o loans up 15% in the 3rd quarter and 42% compared to the same quarter last year.

 

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