House purchase Lending for July down on June.

September 15, 2016

Press release published yesterday 14th September, from The Council of Mortgage Lenders (CML) headlined ‘July house purchase lending down 13% on June’.

The report leads: Home-owners borrowed £10.6bn for house purchase, down 13% month-on-month and 12% year-on-year. They took out 58,100 loans, down 14% on June and 13% on July 2015.

Paul Smee, director general of the CML, commented: “These figures cover the  first full month of lending following the EU referendum. They show a month-on-month decline in first-time buyer and home mover activity and  muted activity on the BTL market. It is hard to determine whether these figures reflect a first uncertain reaction to the referendum vote, or are a sign of a market which was already cooling.  It will be quite some time before a full assessment can be made. We do believe that the Buy-to-let lending market is still readjusting after the large level of activity before the changes to stamp duty on second properties in April.

“Remortgage lending on the other hand has continued to grow, and reacted with a 7-year monthly high. Borrowers seem keen to take advantage of the wide range of competitive deals in the market and, following the base rate cut in August, this is likely to continue”.

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

Commercial Agent Talk

Building Site Accidents and Compensation: A Guide for Injured Workers

One mistake, one faulty piece of equipment and an unsafe working setup could cause a construction laborer much more than just aches and pains. One injury can result in medical costs, showing up on working days, reduced income and a path to long recovery. Under certain circumstances, the workers may be entitled to get compensation…
Read More →
Estate Agent Talk

First-Time Buyers: Why 4–5 Houses is the Sweet Spot

House hunting before the stress kicks in: Four to five houses is the sweet spot for first-time buyers Just 20% of us feel excited on a first property viewing, rising to 47% by viewings 4 to 5 There’s a U shape trajectory of excitement when it comes to the viewing process However, there is a…
Read More →
Breaking News

Two in five mortgage holders switched banks for a better mortgage deal

Of those who have a mortgage and switched banks, 41% did so to get a better mortgage rate deal and 30% did it to receive an incentive related to their mortgage Only 15% of people moving home switched their bank account during the move, while far more switched broadband (46%), energy (38%), and mobile phones…
Read More →
Breaking News

Housing market trends highlight a changing landscape

The housing market has seen many challenges across the year to date and, in many ways, the property landscape has been a year of two extremes already.   At the start of the year, there was a quiet but optimistic consumer confidence in the air.   However, with the global economy impacting almost every aspect…
Read More →
Breaking News

Breaking Property News 7/9/26

Daily bite-sized proptech and property news in partnership with Proptech-X.     Privera uses Silex to provide its employees with a shared platform for source-based research Silex, the Swiss AI platform for legal research and productivity, today announced that Privera has selected and deployed Silex to support legal research and knowledge workflows across its nationwide real estate…
Read More →
Breaking News

Mortgage rate rises loom as major lenders reprice

Major lenders have moved to increase mortgage rates to catch up with recent rises to swap rates, according to Moneyfactscompare.co.uk analysis.   Over the coming days, more lenders are expected to review mortgage rates in response to higher swap rates, with HSBC and NatWest so far the biggest banks to increase rates since the start…
Read More →