London house purchase activity decreased in the first quarter according to CML

May 24, 2017

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.

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

Home and Living

Expert Review: Pantego Electrical Services – Reliable and Affordable Solutions

When it comes to maintaining safety and comfort in your home or business, high-quality electrical work is crucial. For residents and businesses in Pantego, reliable electrical services are available through licensed professionals who prioritize customer satisfaction. In this review, we explore Pantego Electrical Services and highlight why Darby Electric Service is a trusted choice for the community.…
Read More →
Estate Agent Talk

Storytelling for Homeowners: Producing Content That Connects Emotionally

In the quick-paced global of online facts, information by myself is rarely sufficient to encourage or have an effect on. Whether you’re a home owner sharing your protection adventure, a blogger covering indoors traits, or a real estate professional assisting customers discover their dream homes, storytelling is the important thing to building belief and emotional…
Read More →
Estate Agent Talk

This Summer’s Extreme Heat: What It Means for UK Gardens

The UK has been enjoying plenty of warm sunshine during the early weeks of the 2025 summer season. In predictions made by the Met Office for the three-month outlook there is plenty more hot weather to come. According to the government agency, the UK’s meteorological summer is twice as likely to be hotter than normal…
Read More →
Breaking News

No-fault evictions by bailiffs up 8%

New figures show that in the 12 months since Labour came into Government, no-fault evictions by bailiffs in England have risen by 8%. Labour has pledged to end no-fault evictions under its Renters’ Rights Bill, which is going through Parliament. According to the latest figures from the Ministry of Justice there were 11,402 repossessions by…
Read More →
Breaking News

Leasehold Lettings Under Pressure: Landlords Blocked from Improving Flats

New research from LRG (Leaders Romans Group) reveals that leasehold structures are creating a growing barrier to progress in the rental sector, limiting upgrades, pushing landlords away from flats, and lowering tenant confidence in how buildings are managed. According to LRG’s most recent Lettings Report, 58% of flats let by landlords are leasehold. Among these,…
Read More →
Breaking News

234% surge in demand for air-conditioned homes as UK buyers brace for hotter summers

Following the many heatwaves the UK has experienced this summer, searches for homes that are for sale with air conditioning have more than tripled in a year (+234%).1 According to recent research, just 1.2% of homes for sale in England feature air conditioning, which adds around 2.5% to a property’s overall value.2 As air conditioning…
Read More →