Both the volume and the value of loans advanced for home purchase last year were at their highest level since 2007, according to the latest CML data. While towards the end of the year, there was a definite slowdown in lending, 2014 overall has been a good year for lending, the figures from the Council […]
Both the volume and the value of loans advanced for home purchase last year were at their highest level since 2007, according to the latest CML data.
While towards the end of the year, there was a definite slowdown in lending, 2014 overall has been a good year for lending, the figures from the Council of Mortgage Lenders (CML) show.
First-time buyers enjoyed the benefits of the heightened market activity as they saw double-digit growth in the number as well as the value of loans.
Homemovers received the most loans with the largest value throughout the year.
Remortgaging only saw moderate increase in the value of house purchase loans advanced in the sector and the number of loans declined by 6 per cent.
Last year was great for landlords with buy-to-let lending jumping by more than a third in value as compared to 2013.
“Improving economic conditions, boosted by government schemes like Help to Buy, saw the highest amount of first-time buyers purchase their first home for seven years. The growth seen through 2013 and the beginning of 2014 in mortgage lending has softened in the last quarter, and we’d expect this steadying of the market to continue in 2015,” Paul Smee, director general of the CML, commented.
|
2014 |
Change from 2013 (in %) |
|
| TOTAL volume of loans |
676,900 |
11% |
| TOTAL value of loans |
£112.7 billion |
19% |
| First-time buyers (volume) |
311,500 |
15% |
| First-time buyers (value) |
£45 billion |
24% |
| Homemovers (volume) |
365,400 |
8% |
| Homemovers (value) |
£67.6 billion |
16% |
| Remortgaging (volume) |
303,100 |
-6% |
| Remortgaging (value) |
£46 billion |
2% |
| Buy-to-let (volume) |
197,700 |
23% |
| Buy-to-let (value) |
£27.4 billion |
32% |
