CML data shows 25% remortgage rise year-on-year
Loans for house purchase and remortgage fell slightly in September, according to data from the Council of Mortgage Lenders (CML).
The figures show that 48,200 loans worth £7.1 billion were taken out for house purchase in September, down 2% in volume and 5% in value compared with August, but up 3% in volume and value compared with September 2010.
Remortgage loans totalled 34,200, with a value of £4.3 billion. This represents a 1% volume decline on August, but a 25% volume increase (26% in value) compared with a year ago.
The third quarter saw 144,200 loans worth £21.6 billion taken out for house purchase, up 16% in volume and 21% in value from the second quarter. However, this was 6% lower than activity levels during the same period last year.
In contrast, remortgaging from July to September saw both quarterly and annual growth, with 100,300 remortgage loans worth £12.6 billion taken out. This represents a 23% rise in volume (24% in value) compared with the third quarter of 2010.
CML director general, Paul Smee, commented: “Although both house purchase and remortgage loans experienced a small drop in September, the overall market to-date shows a stable picture. However, the backdrop of global and domestic instability makes the future more difficult to call.
“A wider public debate is beginning to open up about how to help the housing market act as an engine of growth for our stuttering economy. The CML looks forward to helping to shape and drive this objective.”
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