CML estimate gross mortgage lending for April at £18.4 billion
The Council of Mortgage Lenders (CML) yesterday 25th May 2017 published news release headlined ‘Gross mortgage lending £18.4 billion in April.’
In their market commentary released the same day they headlined the following:
Transactions continue to be driven by first-time buyers, as all other parts of the market remain weaker than this time last year.
Their estimate of gross mortgage lending for April is £18.4 billion. Accounting for seasonal factors, this figure is higher than average lending over the past year.
Remortgage activity and first-time buyers continue to drive lending growth, as buy-to-let and home mover numbers remain subdued.
The number of first-time buyers over the last 12 months has overtaken the number of home movers for the first time since 1996.
CML senior economist Mohammad Jamei said: “First-time buyers and remortgage customers appear to be buoying the market, as low mortgage rates are encouraging borrowers to remortgage and attractive government schemes are helping first-time buyers. We expect this trend to continue over the coming months.
“Home movers are having less luck. Their activity has been subdued for some time now and the low number of movers means fewer properties for sale. This supply and demand imbalance will continue to underpin house price values, even as the rate of price rises slows.”