London house purchase activity decreased in the first quarter according to CML
Council of Mortgage Lenders (CML) press release today headlines ‘Home buyers in London down 19% in the first quarter compared to a year ago.’
New Council of Mortgage Lenders data reveals London house purchase activity decreased in the first quarter but remortgage lending continued a resurgence.
In the first quarter, home buyers borrowed £5.4bn for house purchase, down 3% quarter-on-quarter and 22% year-on-year. First-time buyers borrowed £2.8bn, down 5% on the fourth quarter and 3% on the first quarter last year.
Paul Smee, CML director general, commented: “Home buyer activity in London has fallen for the second quarter in a row. A traditional seasonal dip in activity in the winter months is expected, but it has been more pronounced in London compared to the UK overall as persisting supply and affordability issues continue exerting some restraint on growth. We do expect activity will pick up as we go into the summer months.
“By contrast, remortgage activity was at an eight-year high in London. Attractive mortgage deals aided by low interest rates appear to have sparked a resurgence in activity that has seen consecutive growth year-on-year every quarter for three year.”
Read the CML press release with data in full click here.
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