Lenders wrote £56.1 billion worth of house purchase loans between July and September, the latest figures from the Council of Mortgage Lenders (CML) show.
That’s 9 per cent more than in the previous three months and 14 per cent more than in the same period last year.
The figures also show that while lending to first-time buyers was up 3 per cent up on the previous quarter and homemovers were up 12 per cent, both first-time buyers and home movers saw a decline in lending in September for the second month in a row.
However both sets of data are still well up on last year. There were 16 per cent more loans to first time buyers than in September last year, while the £4 billion advanced was 25 per cent higher than a year ago. The number of loans to homemovers was up 11 per cent on last year while the total amount loaned to homemovers was £6 billion, up 18 per cent on a year ago.
Paul Smee, director general of the CML, comments:
“We are approaching the end of twelve months of change, transition and growth. This has been a year when lenders and intermediaries have been put under increased spotlight from regulatory, political and media spheres and have risen to meet the challenges. The lending market is healthier than it was a year ago, and set to remain so.
“Remortgaging has returned as a driver of lending volume in the buy-to-let sector. But any fears of over-heating in the housing market are now dissipating as house purchase lending activity seems to be softening.”
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