12 October 2015 | Author: Gareth Hill
Lending in August:
First-time buyers, home movers, home-owner remortgage and buy-to-let all saw a monthly decline in lending in August but an uptick (significant for buy-to-let) compared to August 2014.
This is a normal seasonal trend, with August typically less strong for mortgage completions.
The underlying picture is of improvement in lending levels on a year-by-year basis.
Bob Pannell, chief economist of the CML, commented:
Seasonal factors pushed all categories of lending lower in August compared to July. However, the mortgage market continues to see year-on-year growth, and we expect this to continue over the coming months.
The underlying picture is of improvement in lending levels on a year-by-year basis.
Bob Pannell, chief economist of the CML, commented:
Seasonal factors pushed all categories of lending lower in August compared to July. However, the mortgage market continues to see year-on-year growth, and we expect this to continue over the coming months.
Notes to editors
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. There are 11.1 million mortgages in the UK, with loans worth over £1.3 trillion.
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 will from now on report monthly buy-to-let data in this press releases, alongside our home owner house purchase data.
3. The Council of Mortgage Lenders does not publish statistics for mortgage approvals. The data in our monthly Regulated Mortgage Survey and gross lending press releases relate to mortgage advances only. A mortgage approval is the firm offer to a customer of a specific amount of credit secured against a particular property. A mortgage advance is the total amount of loan actually provided to the buyer, by the lender. Please see the mortgage statistics timeline on our website for further information.
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