Menu
08/04/2011
Downbeat Mortgage Lending 'Creeping Up'
Mortgage lending across the UK increased slightly in February after a particularly downbeat January, according to new figures from the Council of Mortgage Lenders (CML).
There were 32,300 loans for house purchase, worth £4.6 billion, up 8% by volume and 5% by value from January, but down 12% (by volume and value) from February 2010.
Remortgage lending also increased in February, from 23,200 to 24,300 worth £2.9 billion, a 5% increase in volume (no change in value) from January and up 3% by volume and down 3% by value from the same month last year.
Increases in loans to both first-time buyers and home movers contributed to the boost to house purchase lending.
First-time buyers made the largest contribution with the 12,400 loans (worth £1.4 billion) advanced in February amounting to a 13% increase in volume (8% in value) from January but an 11% decrease in volume (13% in value) from February 2010.
Bob Pannell, CML Chief Economist, said: "The February fall in lending compared to last year was despite the fact that lending in the early months of 2010 was itself depressed following the end of the earlier stamp duty concession.
"But research suggests cash purchases have remained steady since the credit crunch, indicating that the housing market may be holding up better than the low mortgage lending levels suggest.
"We are likely to see a continuing increase in remortgage activity this year, especially if and when rate rises occur."
(CD/GK)
There were 32,300 loans for house purchase, worth £4.6 billion, up 8% by volume and 5% by value from January, but down 12% (by volume and value) from February 2010.
Remortgage lending also increased in February, from 23,200 to 24,300 worth £2.9 billion, a 5% increase in volume (no change in value) from January and up 3% by volume and down 3% by value from the same month last year.
Increases in loans to both first-time buyers and home movers contributed to the boost to house purchase lending.
First-time buyers made the largest contribution with the 12,400 loans (worth £1.4 billion) advanced in February amounting to a 13% increase in volume (8% in value) from January but an 11% decrease in volume (13% in value) from February 2010.
Bob Pannell, CML Chief Economist, said: "The February fall in lending compared to last year was despite the fact that lending in the early months of 2010 was itself depressed following the end of the earlier stamp duty concession.
"But research suggests cash purchases have remained steady since the credit crunch, indicating that the housing market may be holding up better than the low mortgage lending levels suggest.
"We are likely to see a continuing increase in remortgage activity this year, especially if and when rate rises occur."
(CD/GK)
Related UK National News Stories
Click here for the latest headlines.
13 February 2009
OFT Consults On Second Charge Lending Guidance
The Office of Fair trading (OFT) today launched a consultation on draft guidance for businesses engaged in second charge lending. Second charge loans, or 'homeowner loans', involve consumers with an existing mortgage taking out further personal borrowing secured against their home.
OFT Consults On Second Charge Lending Guidance
The Office of Fair trading (OFT) today launched a consultation on draft guidance for businesses engaged in second charge lending. Second charge loans, or 'homeowner loans', involve consumers with an existing mortgage taking out further personal borrowing secured against their home.
04 March 2013
Banks Reduce Lending
The Bank of England has published updated data on the use of the Funding for Lending Scheme (FLS). Today’s publication shows for each group participating in the FLS the amount borrowed from the Bank and the net quarterly flows of lending to UK households and businesses for the fourth quarter of 2012.
Banks Reduce Lending
The Bank of England has published updated data on the use of the Funding for Lending Scheme (FLS). Today’s publication shows for each group participating in the FLS the amount borrowed from the Bank and the net quarterly flows of lending to UK households and businesses for the fourth quarter of 2012.
13 February 2012
First-time Buyers Numbers Increase
The number of first-time buyers, who are currently exempt from paying stamp duty on properties up to £250.000, increased in December, according to data released today by the Council of Mortgage Lenders. There were 18,700 loans advanced, worth £2.3 billion, up 7% by volume and 10% by value, from November.
First-time Buyers Numbers Increase
The number of first-time buyers, who are currently exempt from paying stamp duty on properties up to £250.000, increased in December, according to data released today by the Council of Mortgage Lenders. There were 18,700 loans advanced, worth £2.3 billion, up 7% by volume and 10% by value, from November.
25 March 2010
UK Retail Sales Jump
Retail sales between January and February grew by 2.1%, it was revealed today. It was the most significant upward trajectory since May 2008, when sales volume leaped by 2.9%. However, the Office of National Statistics said January data has been revised down, mainly due to late returns and revisions to existing data.
UK Retail Sales Jump
Retail sales between January and February grew by 2.1%, it was revealed today. It was the most significant upward trajectory since May 2008, when sales volume leaped by 2.9%. However, the Office of National Statistics said January data has been revised down, mainly due to late returns and revisions to existing data.
15 April 2009
House Purchase Lending Edges Up And Remortgaging Declines
The number of house purchase loans ticked up in February, according to new data from the Council of Mortgage Lenders (CML). There were 24,300 house purchase loans worth £3.1 billion, compared with 23,400 loans worth £3.1 billion in January - a 4% increase.
House Purchase Lending Edges Up And Remortgaging Declines
The number of house purchase loans ticked up in February, according to new data from the Council of Mortgage Lenders (CML). There were 24,300 house purchase loans worth £3.1 billion, compared with 23,400 loans worth £3.1 billion in January - a 4% increase.
-
Northern Ireland WeatherThis Evening and Tonight:Showers will gradually die out during the evening. A cold night with long clear spells leading to a touch of frost in places. Light winds. Minimum temperature 0 °C.
