CML: remortgage lending down 8% in Wales

Posted on Thursday, June 5 by Joy Tibbs

Compared with the fourth quarter of 2013, homeowner remortgage activity fell by 8%, or by 3,400 loans, in Wales during the first quarter of 2014. However, the Council of Mortgage Lenders (CML) data shows that remortgage activity was up 10% year-on-year.

First-quarter remortgage loans totalled £350 million during the first quarter, an 8% decline compared with the previous quarter, but up 13% compared with the same quarter in 2013.

Overall, lending for homeowner house purchase fell 21% to 5,600 new loans during the first quarter, but rose by 22% year-on-year. The value of these loans was £640 million, down 23% compared with the fourth quarter of 2013 but up 31% compared with the first quarter of 2013. 

Home movers in Wales took out 3,000 loans during the first quarter with a collective value of £380 million. This was a 25% decrease in volume and a 24% decline in value compared with the fourth quarter of 2013. Compared with the first quarter of 2013, this represented a 15% rise in volume and a 23% rise in value. 

CML Cymru chair, Peter Hughes, says: “There is a usual seasonal dip in lending in the first quarter, but year-on-year we see growth in all borrower types.

“The change since a rather flat market in Wales a year ago is significant and the numbers at the beginning of 2014 would suggest the upward trend in 2013 will continue this year.”

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