Archive for October, 2016

Strong lending for house purchase suggests buyer confidence in market

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Research published by Property Industry Eye reports that mortgage lending for house
buying purposes was up 11% in August on the same month last year – despite a drop of almost 40% in buy-to-let borrowing for house purchase.

First time buyers borrowed £5.1bn, up 13% on July and 24% on August last year. This equated to 31,800 loans, up 12% month on month and 19% year on year.

Home movers borrowed £7.1bn, up 15% on July and 3% compared to a year ago. This represented 34,200 loans, up 14% month on month and 2% on August 2015.

Re-mortgaging by both owner-occupiers and buy-to-let borrowers was strong, said the Council of Mortgage Lenders.

 

House Purchase Remortgage
FTBs Movers Buy-to-let Home owners Buy-to-let
August 2015 26,700 33,700 10,600 25,000 11,500
July 2016 28,300 30,000 6,000 33,500 12,300
August 2016 31,800 34,200 6,500 34,900 12,800
1 month change +12.4% +14.0% +8.3% +4.2% +4.1%
12 month change +19.1% +1.5% -38.7% +39.6% +11.3%

 

 

 

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