October 13 lending bounces back from September Fall

The Council of Mortgage Lenders October 2013 data released today shows that the seasonal fall in lending seen in September has not stuck and October has rebounded as expected.

Council of Mortgage Lenders (CML)The Council of Mortgage Lenders October 2013 data released today shows that the seasonal fall in lending seen in September has not stuck and October has rebounded as expected.

Key Facts

  • Total number of loans advanced up by 17% in October and 24% across the whole year.
  • Buy to Let advances increased to 16,200 compared to 14,600 in September.
  • First Time Buyers loaned 26,800 loans – the highest monthly amount since November 2007
  • Loans for home movers up 19% in volume on the Month since September and 16% compared to last year.
  • Remortgage loan advances fell, both for the month and year.

Buy to let lending was up 11% in volume and 10.5% in total value, which was £2.1bn.

Within this BTL lending for house purchases was up t 8,500 – and increase of 11.3% in volume and 14.9% in value, with loans valuing £1bn. BTL remortgaging was up by 11% with 7,600 loans with a total value of £1.1bn – an increase off 11% over the month.

Paul Smee, director general of the CML, commented:

“After years of a relatively flat mortgage market, 2013 has shown signs of lending turning a corner and looks set to finish the year strongly. Increased financial optimism among the public as the economy recovers seems to be driving this upward trend and it is welcome to see that first-time buyers continue lending momentum as more look to own their first home.”

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