A recent report from the Council for Mortgage Lending (CML) has revealed interesting data regarding the profile of UK lending in October 2013, including first-time buyer, home mover, remortgagor and buy-to-let lending.
The data reveals that:
- The total number of loans advanced to home-owners for house purchase rebounded strongly from its seasonal fall in September, up, in terms of volume, by 17% in October representing a year-on-year increase of 24%. The total in terms of value was £9.7 billion, the second highest since November 2007, behind December 2009 when a stamp duty holiday was about to come to an end.
- First-time buyers were advanced 26,800 loans in October, the highest number of loans in a monthly period since November 2007.
- The number of loans advanced to home movers increased 19% in volume compared to September and was up 16% compared to October last year.
- The number of loans advanced to home-owner remortgagors fell in October compared to September and fell year-on-year.
- The total buy-to-let loans advanced increased in October, up to 16,200 loans compared to 14,600 loans in September.
“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,” commented Paul Smee of CML. “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."
Contact Us
To make an online enquiry about our conveyancing and estate agency services then please click here or call us on 0141 775 0005