May 21 2013 Latest news:
Adam Aiken, Editor
Monday, November 14, 2011
Loans for both home purchases and remortgages fell slightly last month.
A total of 48,200 loans were taken out by buyers in September, worth £7.1bn, which was a fall of 2pc by number and 5pc by value on August. However, the figures were up 3pc in terms of both number and value on September 2010.
The Council of Mortgage Lenders said there were 34,200 remortgage loans advanced during the month, worth £4.3bn – a 25pc increase on a year earlier in terms of both the number of loans and their combined value.
The CML said the decline in house purchase lending in September was driven by a drop in home-mover activity, with a doubling of the number of loans taken out by first-time buyers.
“Although both house purchase and remortgage loans experienced a small drop in September, the overall market to date shows a stable picture,” said CML director-general Paul Smee.
“However, the backdrop of global and domestic instability makes the future more difficult to call.”
William Hunter, director of Hunter Wealth Management, said: “Given the hugely challenging economic climate we’re in, the mortgage market is proving relatively robust.
“The healthier remortgage numbers are a direct reflection of the extremely competitive products on the market at present.
“Although interest rates look set to remain at their current level for at least another year, some of the longer-term fixed rates currently available are proving too hard to resist.”