Slight fall in buy-to-let loans but First Time Buyers up

CML Gross Mortgage LendingThe Council of Mortgage Lenders (CML) data that was released today provides a profile of the UK Lending for April 2014. The figures that cover Buy to let as well as the other lending classes show:

Key facts

  • Buy to let loans declined slightly on a month-on-month basis down 1% in April in total loans, yet the value of the loans remained the same. Over the year from April 2013 loan numbers was up by 43% and values by 57%
  • First time buyers had an increase of loan numbers by small 1% over the month, but 37% since April 2013. In values the lending was up 3% since March 2014 and 52% over the year.
  • Total loans for remortgaging in April was up 6% and the value of these loans was up 11% over the month.

Buy to let Details

Buy-to-lending lending was valued with a total of £2.2bn in April 2014, which was across a total of 16,200 loans.

Within these figures 8,400 of these loans where for house purchases and 7,600 were for remortgaging.

With the BTL house purchases up by 3% since March 2014, it was that remortgage figures that caused a static overal month with a 6% fall and total value of £1.2bn.

Paul Smee, director general of the CML, commented:

“First-time buyers and home movers continue to be key drivers in the growth of the market and, despite fears that MMR preparations may hinder this momentum, we have seen a continued year-on-year upward trend every month in 2014. The UK picture continues to mask a disparate set of varied local conditions, but overall we expect lending levels to continue to build on the foundation of growth we have seen over the past 12 months.”

 

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