The Council of mortgage Lenders says that lending for house purchase in January was at its highest for that month since 2008. There was a seasonal monthly fall but despite that, house purchase lending still achieved an 11% increase over the figure for January 2012. The CML say that there was more activity than last year in the first time buyer and home mover markets. However, re-mortgaging was 23% lower than in the same period last year.
In January this year there were 38,300 loans made for home buying which is down on the figure for December 2012 but well up on the number for January last year. All these loans added up to a total of £5.7 billion in January.
Landlord insurance clients will be interested to note that loans for re-mortgaging were lower than in January last year. This January the figure was £3 billion compared to £3.9 billion at the same time last year. It certainly seems to be the case that there is more money around for home buyers. The director general of the CML Paul Smee commented on these figures as follows:
“Mortgage finance is available and lenders are open for business, allowing more borrowers to take the step into home ownership or move house in line with their needs”.
We should be interested to see what our landlord clients are planning to do. Are you intending to borrow more to invest in the property market or are you content with the size of your portfolio? For the full story on the mortgage lending figures check out www.cml.org.uk
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