Drop in loans to home buyers in October

December 15, 2016

Council of Mortgage Lenders (CML) press release published yesterday 14th December headlined ‘8% fall in loans to home-buyers in October’

The news release leads: Home-owners borrowed £10.5bn for house purchase, down 8% month-on-month and 11% year-on-year. They took out 57,800 loans, down 8% on September and 13% on October 2015. more…

Paul Smee, director general of the CML, commented: “Buy-to-let house purchase lending remains weak following the change to stamp duty on second properties in April. With lenders now tightening affordability criteria ahead of the Prudential Regulation Authority’s stress tests and the forthcoming tax relief changes next year, these lower volumes are likely to be the ‘new normal’.

“Home-owner and buy-to-let remortgage lending, however, has recovered and is running at its strongest levels since 2009. This appears to be linked to borrowers taking advantage of the re-pricing of mortgages following the base rate cut”.

Read the CML news release in full click here

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

You May Also Enjoy

Home and Living

Laundry Room Essentials Every Home Needs

A well-equipped laundry room is key to maintaining a smooth and efficient household. Whether you have a spacious utility area or a compact corner dedicated to washing and drying, having the right essentials can make all the difference. From practical appliances to useful accessories, here are the must-have items every home needs in its laundry…
Read More →
Estate Agent Talk

First-time buyers now face £33k in upfront costs

First-time buyers now face an average upfront cost of just under £33,000 to purchase a home—a rise of more than £1,000 (3%) compared to 2024. But why is buying a home so expensive? How can first-time buyers reduce these initial costs? To help, Compare My Move has released a detailed report on the cost of…
Read More →
Estate Agent Talk

Essential Car Tips for Estate Agents Spending Long Days on the Road

As an estate agent in the UK, you are likely to spend extended periods of time on the road, travelling between properties and meeting clients in various locations. Considering the magnitude of your driving responsibilities, following a few vital car tips can considerably make your job easier and safer, whilst also saving you money in…
Read More →
Kerb appeal
Breaking NewsEstate Agent Talk

Response to Latest Halifax House Price Index

Halifax house price data shows property prices have risen by 0.7% month on month, here are some thoughts from the industry.   Nathan Emerson, CEO of Propertymark: “As we embed ourselves into 2025, confidence is being echoed within the housing market, as house prices and mortgage lending remain buoyant. “With the Bank of England announcing…
Read More →
Breaking News

Halifax House Price Index – January 2025

House prices in January 2025 were 3.0% higher than the same month a year earlier. The housing market kicks off 2025 with price rise to hit new record high • House prices increased by +0.7% in January following dip of -0.2% in December • Average property price of £299,138 is a new record high •…
Read More →
Breaking News

Landlords Respond to Government’s Energy Efficiency Plans

Responding to the publication of the Government’s consultation on the energy efficiency of privately rented housing, Ben Beadle, Chief Executive of the National Residential Landlords Association, said: “We all want to see rented homes as energy efficient as possible, but that will require a realistic plan to achieve this. “The chronic shortage of tradespeople to…
Read More →