House purchase lending down in London

August 24, 2016

The Council of Mortgage Lenders (CML) published today press release  headlined ‘Loans to first-time buyers up but movers down in London’.

In it’s news release it begins by mentioning that in the second quarter home buyers in London borrowed £5.5bn for home-owner house purchase, down 23% quarter-on-quarter and 3% on a year ago…...more

Paul Smee, director general of the CML, commented: “First-time buyers have continued to drive mortgage lending in London, with 10% more first-time buyer lending in the second quarter than the first.The opposite is time for home movers, probably just reflecting a rebalancing after the very strong first quarter as many buyers sought to complete purchases before changes to stamp duty.

“The second quarter data largely pre-dates the EU referendum. While it will take time to see how Brexit may affect the market, the London mortgage market clearly remains active and firmly open for business”.

To read the CML report 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

Breaking News

Interest rates matter, but asking price is still what sells a home

Homes priced right first time find a buyer in around five weeks, while overpriced homes take three months longer, and new LRG research shows what buyers are looking for. The Bank of England’s latest decision to hold interest rates is welcome news for buyers and sellers, providing greater stability and confidence for those considering a…
Read More →
Tips when buying at property auctions
Breaking News

Three-bedroom homes dominate Britain’s quick-sale market

The latest industry insight from the House Buyer Bureau reveals that the East and West Midlands are Britain’s quick sale hotspots, with three-bedroom homes proving the most common property type when it comes to quick-sale activity. House Buyer Bureau’s internal data* shows that in 2025 the company had contact with, and made a firm offer…
Read More →
Breaking News

£3bn tenant deposit shake-up on the cards

Tenant deposit money could be affected by plans to abolish insured deposit schemes   The latest research from The Letting Partnership has revealed that more than £3bn worth of tenant deposits are currently protected via insured tenancy deposit schemes across England and Wales, highlighting the scale of the transition facing the lettings sector should the…
Read More →
Breaking News

Brexit housing market winners and losers

England can’t keep pace with the other home nations And the south of England falls well behind the north   The latest research from Yopa has revealed a stark regional divide in house price growth since the Brexit referendum (June 23rd 2016), with Northern Ireland, Wales, Scotland and northern England recording some of the strongest…
Read More →
Breaking News

The Rental Market is Rebalancing

But 78% of Tenants Still Can’t Find What They’re Looking For Nine in ten landlords believe the balance of power in the rental market has shifted in favour of tenants over the last two years – yet a quarter of tenants still feel landlords hold the upper hand, according to new research from LRG. The…
Read More →
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 →