House purchase lending down in London

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.

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