Expect more, earn more, be more
Call us on 01244 421 261
Posted by Let Alliance on February 4, 2014
The Council of Mortgage Lenders released data on 15th January 2014 on the profile of UK lending in November 2013:
The Bank of England reported earlier this month that UK gross mortgage lending was £17bn in November, a 4% decrease compared to October but 30% higher than the total of £13.1bn in November 2012.
Lending for buy-to-let
The value of the 16,200 buy-to-let loans in November was also unchanged from October 2013 at £2.1bn.
Buy-to-let loans for house purchase decreased by 1.2% in November compared to October 2013, to 8,400 loans advanced. The total loan value remained the same at £1bn.
Buy-to-let remortgage lending increased by 1.3% in November compared to October 2013, to 7,700 loans with a consistent value at £1.1bn.
Paul Smee, director general of the Council of Mortgage Lenders commented, “The Bank of England’s credit survey reported demand in the final quarter of 2013 for house purchases was rising at its fastest pace since the survey began in 2007. This is a significant shift in public mood and, with strong November lending continuing the year-on-year growth seen since April 2013, this should be expected to continue into 2014.”
1. The Council of Mortgage Lenders’ members are banks, building societies and other lenders who together undertake around 95% of all residential mortgage lending in the UK.
2. Source: CML Regulated Mortgage Survey for all home-owner mortgage data. Buy-to-let data is sourced from a sample of CML members and has been grossed to estimate the industry total. The CML began collecting monthly data in January 2013 and reports monthly buy-to-let data in press releases, alongside home owner house purchase data.