house purchase lending up 8% yr on yr in May
The Council of Mortgage Lenders (CML) in a press release published today on their website states ‘May house purchase lending 8% up on a year ago’.
In May (In Brief) according to CML, Home-owners borrowed £9.4bn for house purchase, First-time buyers borrowed £4.3bn, Home movers borrowed £5.1bn, Remortgage activity totalled £5.2bn and Landlords borrowed £2.6bn.
Paul Smee, director general of the CML, commented: “There was a sense of the market regaining some equilibrium in May, following the stamp duty driven spike in March and the subsequent dip in April. For the second month running, first-time buyers borrowed more than home movers, the first time in 20 years that this has been the case. Buy-to-let continues at lower levels as expected, after the change to stamp duty.
“Brexit, and its likely effect on the market, is a question to which the answer will not immediately be forthcoming. Lenders will continue to be open for business as usual, but lending volumes may be affected by uncertain consumer sentiment”.
To read the CML report in full click here
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