Higher Q2 remortgage lending in London

Posted on Friday, September 5 by Joy Tibbs

New figures from the Council of Mortgage Lenders (CML) show that remortgage lending in Greater London increased both quarter-on-quarter and year-on-year during Q2, in contrast to figures for the rest of the UK.

Around 10,800 homeowner remortgage loans were advanced during the second quarter, up 3% compared with the first quarter and 5% compared the second quarter of 2013 in volume terms. These loans totalled £2.8 billion, up 7% quarter-on-quarter and 22% year-on-year in value terms.

Approximately 12,300 first-time buyer loans worth £3 billion were advanced in London during the second quarter, up 4% quarter-on-quarter and 17% year-on-year in volume terms, and up 10% quarter-on-quarter and 27% year-on-year in value terms.

Around 9,000 home mover loans worth £3 billion were advanced in London during the second quarter, up 1% quarter-on-quarter and 7% year-on-year in volume terms, and up 9% quarter-on-quarter and 26% year-on-year in value terms.

Paul Smee, CML director general, said: “It is good to see continuing strong demand from first-time buyers but it is a concern that trends in affordability seem to be tightening.

“This is an especial challenge in London. As for the introduction of new FCA mortgage market rules, these do not appear to have hindered the market, although the full effects of the new rules may take some time to emerge.”

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