Fewer mortgages for London property

August 27, 2015

Fewer mortgages are being granted to people looking to buy in London, the reason for this is simple, rising housing costs are pricing buyers out of the market, until the housing shortage is resolved the problem will continue to grow.

According to the Council of Mortgage Lenders there were 18,800 home purchase loans granted from April to June, this is a drop of 11.3% on the same period last year. The amount lent out for house purchases in London dropped 9.7 per cent to £5.5bn.

Stephen Smith, Director at the Legal and General Mortgage Club reportedly said,“House purchase loans in London in particular are significantly down on last year, where high asking prices have resulted in less activity in the market as fewer people are able to afford to make the property moves they want.”

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

Letting Agent Talk

Dispelling the top five biggest letting agent myths

Sophie Danes, Group Director of Property Management, Lomond   This year has seen the introduction of the seismic Renters’ Rights Act (RRA) as well as other changes affecting the private rented sector (PRS) coming into force, such as the rollout of Making Tax Digital (MTD). As a result, more than ever before, there is a lot of information and speculation surrounding the sector making…
Read More →
Breaking News

A fifth of Gen Z would move 25 miles or more for affordable housing

Price is the top priority listed by Gen Z for finding a home (24 per cent), with location the aspect most compromised for affordability (21 per cent) Barclays Mortgage data shows the average deposit fell -16.4 per cent year-on-year in May, however it remains the top barrier to homeownership reported by renters Nine in 10…
Read More →
AI in estate agency letting agency property
Breaking News

Can AI-powered search platform push out Rightmove for renters?

Boss of global architecture firm takes on Rightmove with AI-powered search platform where renters describe where they want to live An AI-powered start-up launched by the former boss of a major architecture business wants to disrupt the duopoly of Rightmove and Zoopla by enabling renters to find homes by using normal everyday language – as…
Read More →
Breaking News

Midlands sees largest property management fees increase

The latest research from Rushbrook & Rathbone has found that property management fees in the Midlands have increased by an estimated 53.9% over the past decade, the fastest rate of growth across England’s regions, highlighting a widening divide in costs between the North, Midlands, and South. The research analysed average rental values across England’s regions…
Read More →
Breaking News

Continued season momentum with applicant demand up for lettings

Foxtons Lettings Market Index – May 2026 Continued season momentum with applicant demand up month on month and supply increasing.   The season’s momentum carried on undeterred. Applicant demand climbed sharply month on month, supply held ahead of last year and the market stayed balanced through it all. Competition eased compared with last year, with…
Read More →
Breaking News

Breaking Property News 22/6/26

Daily bite-sized proptech and property news in partnership with Proptech-X.   Eco Approach Collaborate with Leading UK Buy-to-Let Lender The Mortgage Works to Deliver Free Energy Assessments for Landlords Ahead of 2030 Deadline. Eco Approach selected as the expert retrofit partner for a major new energy efficiency pilot. Initiative addresses critical knowledge gap, with 67% of UK…
Read More →