Menu
20/10/2004
Mortgage lending study points to property market slowdown
Mortgage lending has dipped again for the second consecutive month, indicating that the housing market is cooling off.
According to the Council of Mortgage Lenders, there was a 4% drop in gross lending between August and September. Last month saw gross lending hit £25.4 billion, showing the first year-on-year drop since October 2000, at nearly 2% lower than the £25.9 billion advanced in September 2003.
As in August, September's fall in lending reflected a sharp reduction in loans for house purchase. House purchase loans totalled £11.2 billion, compared with £12.8 billion in August. Lending for house purchase was 23% lower in September than the record £14.6 billion recorded two months earlier in July. Just 44% of total lending was for house purchase in September, down from 48% the previous month and from last September's figure of 47%.
Loans for house purchase showed a marked fall, dipping below the 100,000 mark for the first time since the traditionally quiet month of February. First-time buyers continued to account for about 29% of all loans for house purchase.
But in such a quiet month this equates to fewer than 29,000 first-time buyer loans, compared with nearly 31,000 in August and nearly 32,000 last September.
CML Director General Michael Coogan said: "All the latest lending data reinforces evidence that the expected slowdown in the housing market is materialising. Remortgaging is holding up, but house purchase lending is slowing markedly. Data from other surveys corroborates the picture of an exceptional recent market that is now gently losing steam."
(gmcg/mb)
According to the Council of Mortgage Lenders, there was a 4% drop in gross lending between August and September. Last month saw gross lending hit £25.4 billion, showing the first year-on-year drop since October 2000, at nearly 2% lower than the £25.9 billion advanced in September 2003.
As in August, September's fall in lending reflected a sharp reduction in loans for house purchase. House purchase loans totalled £11.2 billion, compared with £12.8 billion in August. Lending for house purchase was 23% lower in September than the record £14.6 billion recorded two months earlier in July. Just 44% of total lending was for house purchase in September, down from 48% the previous month and from last September's figure of 47%.
Loans for house purchase showed a marked fall, dipping below the 100,000 mark for the first time since the traditionally quiet month of February. First-time buyers continued to account for about 29% of all loans for house purchase.
But in such a quiet month this equates to fewer than 29,000 first-time buyer loans, compared with nearly 31,000 in August and nearly 32,000 last September.
CML Director General Michael Coogan said: "All the latest lending data reinforces evidence that the expected slowdown in the housing market is materialising. Remortgaging is holding up, but house purchase lending is slowing markedly. Data from other surveys corroborates the picture of an exceptional recent market that is now gently losing steam."
(gmcg/mb)
Related UK National News Stories
Click here for the latest headlines.
11 October 2013
House Purchase Lending Increases
Total home-owner house purchase lending continues to grow, up 7% on July and 15% on August last year, according to the Council of Mortgage Lenders (CML). First-time buyers took out 27,100 loans in August, an increase of 7% on July and of 33% compared to August 2012.
House Purchase Lending Increases
Total home-owner house purchase lending continues to grow, up 7% on July and 15% on August last year, according to the Council of Mortgage Lenders (CML). First-time buyers took out 27,100 loans in August, an increase of 7% on July and of 33% compared to August 2012.
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.
20 October 2009
Mortgage Lending 'Dropping'
Gross mortgage lending totalled an estimated £12.5 billion in September, a 2% rise from the £12.3 billion in August - but down 27% from September 2008 - according to new data from the Council of Mortgage Lenders (CML). Gross lending in the third quarter of 2009 was an estimated £38.
Mortgage Lending 'Dropping'
Gross mortgage lending totalled an estimated £12.5 billion in September, a 2% rise from the £12.3 billion in August - but down 27% from September 2008 - according to new data from the Council of Mortgage Lenders (CML). Gross lending in the third quarter of 2009 was an estimated £38.
20 June 2011
Mortgage Lending Boosted
Gross mortgage lending totalled an estimated £11.3 billion in May, according to new data from the Council of Mortgage Lenders (CML). This represented a 12% increase from the £10.1 billion lent in April and was 1% higher than in May 2010. Gross mortgage lending includes lending for both house purchase and remortgage.
Mortgage Lending Boosted
Gross mortgage lending totalled an estimated £11.3 billion in May, according to new data from the Council of Mortgage Lenders (CML). This represented a 12% increase from the £10.1 billion lent in April and was 1% higher than in May 2010. Gross mortgage lending includes lending for both house purchase and remortgage.
08 April 2011
Downbeat Mortgage Lending 'Creeping Up'
Mortgage lending across the UK increased slightly in February after a particularly downbeat January, according to new figures from the Council of Mortgage Lenders (CML). There were 32,300 loans for house purchase, worth £4.6 billion, up 8% by volume and 5% by value from January, but down 12% (by volume and value) from February 2010.
Downbeat Mortgage Lending 'Creeping Up'
Mortgage lending across the UK increased slightly in February after a particularly downbeat January, according to new figures from the Council of Mortgage Lenders (CML). There were 32,300 loans for house purchase, worth £4.6 billion, up 8% by volume and 5% by value from January, but down 12% (by volume and value) from February 2010.
-
Northern Ireland WeatherToday:It will be cloudy again throughout the day. Mainly dry in the morning, but patchy drizzle in places, becoming more widespread and persistent in the afternoon. Freshening southwesterly winds. Maximum temperature 12 °C.Tonight:Cloudy with a spell of heavy rain pushing south through late evening and the early hours, followed by some clear spells. Minimum temperature 6 °C.
