Remortgage lending up 16% year-on-year
New data released by the Council of Mortgage Lenders (CML) shows that December remortgage lending was down 10% in volume compared with November figures, with 25,300 remortgage loans advanced. However, the volume of remortgage loans was up 16% year-on-year, totalling £3.8 billion in value, a 31% rise in value terms.
The total number of homeowner loans for house purchase in December was down 1% compared with November, but this represented a 27% rise year-on-year.
Although the segment was not as strong as house purchase, remortgage lending showed growth during the last quarter of 2013, up 8% year-on-year in volume terms with 83,200 loans advanced. In value terms, remortgage lending fell 2% during the fourth quarter compared with the previous quarter at £12.3 billion. However, this was a 23% rise compared with the fourth quarter of 2012.
In 2013, the remortgage sector as a whole grew by 2% in volume compared with 2012, with 321,900 loans advanced. In value terms, 2013 remortgage figures were up by 8.5% to £44.7 billion.
CML director-general, Paul Smee, said: “The consistent upward lending trend seen throughout 2013 would suggest relative optimism going forward.
“But there are challenges ahead, not least in implementing the Mortgage Market Review regulation in April and in ensuring that there is no suggestion of a property bubble; and all this will be key to determining how the market will perform in 2014.”
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