13/02/2012
First-time Buyers Numbers Increase
The number of first-time buyers, who are currently exempt from paying stamp duty on properties up to £250.000, increased in December, according to data released today by the Council of Mortgage Lenders.
There were 18,700 loans advanced, worth £2.3 billion, up 7% by volume and 10% by value, from November. There was also an increase in the proportion of properties (from 50% to 53%) bought by first-time buyers within the price band currently exempt from stamp duty, making it likely they are beginning to rush through purchases before the concession ends in March.
Lending to movers, however, experienced a seasonal decrease in December from 29,300, worth £4.8 billion, in November to 28,700, worth £4.6 billion.
Overall, December saw an almost unchanged house purchase market from November. House purchasers took out 47,400 loans, worth £6.9 billion, a 1% increase in volume, with no change in the value, from the previous month and 7% up (8% in value) from December 2010.
The number of loans for remortgage however declined 15% (14% by value) from November but the 28,100 loans, worth £3.6 billion, taken out increased by 10% in volume (16% in value) from December 2010 following a low period for remortgaging.
It was a mixed picture for the mortgage market in 2011 as a whole. Remortgage lending increased by 17% from 2010 to £47 billion, while house purchase lending, at £75 billion, was 6% down on the previous year.
Within the house purchase market, lending to both first-time buyers and movers fell in 2011 but first-time buyers fared slightly better. There were 193,000 loans, worth £23.4 billion, taken out by first-time buyers in 2011, down from 200,100 loans, worth £23.9 billion, in 2010 (a 4% fall by volume and 2% by value). Movers took out 316,500 loans, worth £51.4 billion, last year, down from 343,200, worth £55.1 billion, in 2010 (down 8% by volume, 7% by value).
Paul Smee, CML director general, said: "We have been expecting a flow of first-time buyers onto the market as the stamp duty exemption ends in March; December’s figures appear to show this has now begun.
"The market in 2011, while still subdued, saw a welcome increase in annual gross lending for the first time since 2007, when the financial crisis began. With the Eurozone problems still rumbling on however, we believe there is still a real risk that this year's lending levels will be lower than those seen in 2011."
(GK)
There were 18,700 loans advanced, worth £2.3 billion, up 7% by volume and 10% by value, from November. There was also an increase in the proportion of properties (from 50% to 53%) bought by first-time buyers within the price band currently exempt from stamp duty, making it likely they are beginning to rush through purchases before the concession ends in March.
Lending to movers, however, experienced a seasonal decrease in December from 29,300, worth £4.8 billion, in November to 28,700, worth £4.6 billion.
Overall, December saw an almost unchanged house purchase market from November. House purchasers took out 47,400 loans, worth £6.9 billion, a 1% increase in volume, with no change in the value, from the previous month and 7% up (8% in value) from December 2010.
The number of loans for remortgage however declined 15% (14% by value) from November but the 28,100 loans, worth £3.6 billion, taken out increased by 10% in volume (16% in value) from December 2010 following a low period for remortgaging.
It was a mixed picture for the mortgage market in 2011 as a whole. Remortgage lending increased by 17% from 2010 to £47 billion, while house purchase lending, at £75 billion, was 6% down on the previous year.
Within the house purchase market, lending to both first-time buyers and movers fell in 2011 but first-time buyers fared slightly better. There were 193,000 loans, worth £23.4 billion, taken out by first-time buyers in 2011, down from 200,100 loans, worth £23.9 billion, in 2010 (a 4% fall by volume and 2% by value). Movers took out 316,500 loans, worth £51.4 billion, last year, down from 343,200, worth £55.1 billion, in 2010 (down 8% by volume, 7% by value).
Paul Smee, CML director general, said: "We have been expecting a flow of first-time buyers onto the market as the stamp duty exemption ends in March; December’s figures appear to show this has now begun.
"The market in 2011, while still subdued, saw a welcome increase in annual gross lending for the first time since 2007, when the financial crisis began. With the Eurozone problems still rumbling on however, we believe there is still a real risk that this year's lending levels will be lower than those seen in 2011."
(GK)
Related UK National News Stories
Click here for the latest headlines.
15 April 2009
House Purchase Lending Edges Up And Remortgaging Declines
The number of house purchase loans ticked up in February, according to new data from the Council of Mortgage Lenders (CML). There were 24,300 house purchase loans worth £3.1 billion, compared with 23,400 loans worth £3.1 billion in January - a 4% increase.
House Purchase Lending Edges Up And Remortgaging Declines
The number of house purchase loans ticked up in February, according to new data from the Council of Mortgage Lenders (CML). There were 24,300 house purchase loans worth £3.1 billion, compared with 23,400 loans worth £3.1 billion in January - a 4% increase.
19 July 2004
UK film industry worth a billion dollars in 2003
The top 10 UK films at the international box office scooped more than a billion dollars between them last year, according to a UK Film Council report published today.
UK film industry worth a billion dollars in 2003
The top 10 UK films at the international box office scooped more than a billion dollars between them last year, according to a UK Film Council report published today.
06 October 2011
Cameron 'Shops At Waitrose'
The Prime Minister David Cameron has been 'shopping' at Waitrose where Managing Director Mark Price met the Conservative Leader to discuss plans for a new £35 million regional distribution centre (RDC) in Chorley, Lancashire that will create up to 600 jobs.
Cameron 'Shops At Waitrose'
The Prime Minister David Cameron has been 'shopping' at Waitrose where Managing Director Mark Price met the Conservative Leader to discuss plans for a new £35 million regional distribution centre (RDC) in Chorley, Lancashire that will create up to 600 jobs.
21 December 2010
Three Billion A Year Could Be Saved, Says Report
A Government report by Infrastructure UK (IUK) today sets out a blueprint to save up to three billion a year on building and maintaining infrastructure.
Three Billion A Year Could Be Saved, Says Report
A Government report by Infrastructure UK (IUK) today sets out a blueprint to save up to three billion a year on building and maintaining infrastructure.
22 January 2004
Poor diet threatens health of two billion people: Unicef
Lack of vitamins and minerals in the diet is damaging the health of two billion people and holding back the economic development of "virtually every country in the southern hemisphere" despite inexpensive means of prevention, according to a new United Nations report.
Poor diet threatens health of two billion people: Unicef
Lack of vitamins and minerals in the diet is damaging the health of two billion people and holding back the economic development of "virtually every country in the southern hemisphere" despite inexpensive means of prevention, according to a new United Nations report.