LONDON , Jan. 15 -- The Council of Mortgage Lenders issued the following news release: New CML data released today on the profile of UK lending in November 2013 , including first-time buyer, home mover, remortgagor and buy-to-let lending, shows: * Total number of loans advanced to home-owners for house purchase fell slightly in November, down in volume by 3% compared to October but still the fourth highest monthly level since December 2007 . * First-time buyers took out 27,000 loans in November, a modest rise in volume of 0.7% compared to October but up 24% compared to November 2012 . * The number of loans advanced to home movers declined slightly in November, down 2.4% compared to October. * The number of loans advanced to home-owner remortgagors fell in November by 3% compared to October but up 4% on November 2012 . * The number of buy-to-let loans taken out in November was 16,200, the same volume as October. The Bank of England reported earlier this month that UK gross mortgage lending was Pounds17 billion in November, a 4% decrease compared to October but 30% higher than the total of Pounds13.1 billion in November last year. Lending for home-owner house purchase The total number of loans advanced to home-owner for house purchase decreased in November, down 1% compared to October but up 15% on November 2012 . Overall, 60,000 loans were advanced in November with a total in value of Pounds9.4bn, which was a decrease of 2% by value on October but a 22% year-on-year monthly increase. This is the fourth highest monthly lending amount for home-owner house purchase since December 2007 . Chart 1: Loans for home-owner house purchase per month Click here to view: http://www.cml.org.uk/cml/files/images/home-owner-house-purchase-graph-nov-13.png Table 1: Loans for home-owner house purchase and remortgage Click here to view: http://www.cml.org.uk/cml/media/press/3805 Lending to first-time buyers There were 27,000 loans to first-time buyers in November, a slight increase of 0.7% compared to October and up 24% compared to October 2012 . These loans totalled Pounds3.7bn in value which was exactly the same as October figures but an increase of 37% compared to November 2012 . The typical first-time buyer income multiple declined slightly, with first-time buyers typically borrowing 3.35 times their gross income, compared to 3.36 in October. The typical loan size for first-time buyers was Pounds116,913 in November, again a decrease from Pounds119,500 in October. In parallel to this, the typical income of a first-time buyer household fell slightly to Pounds35,848, which was down 1.7% from Pounds36,465 in October. The continued downward drift in mortgage interest rates have kept borrowers' payment burden low. First-time buyers spent 19.1% of gross income to cover capital and interest payments, lower than the 19.3% in October and on par with the lowest recorded monthly figure since 2005 recorded in April 2012 and April 2013 . Chart 2: First-time buyer lending per month Click here to view: http://www.cml.org.uk/cml/files/images/first-time-buyer-lending-graph-nov-13.png Table 2: First-time buyers, lending and affordability Click here to view: http://www.cml.org.uk/cml/media/press/3805 Lending to home movers The number of loans advanced to home movers for house purchase totalled 33,000 in November, down 2.4% in volume compared to October but up by 8% compared to November 2012 . Home mover loans totalled Pounds5.7bn in value in November, which was down from Pounds5.9bn in October but up from Pounds4.9bn in November 2012 . Chart 3: Home mover lending per month Click here to view: http://www.cml.org.uk/cml/files/images/home-mover-lending-graph-nov-13.png Table 3: Home movers, lending and affordability Click here to view: http://www.cml.org.uk/cml/media/press/3805 Lending to home owners for remortgage Home-owner remortgage activity decreased in November with a total of 27,500 remortgage loans advanced in the period, down 3% in volume compared to October but up 4% compared to November 2012 . These loans totalled Pounds4.1bn in value, a slight decrease of 2% on October but up 21% compared to November 2012 . Chart 4: Remortgage lending per month Click here to view: http://www.cml.org.uk/cml/files/images/remortgage-lending-graph-nov-13.png Lending for buy-to-let Buy-to-let lending in November totalled 16,200 loans advanced, which was unchanged on October. The value of these loans totalled Pounds2.1bn, which was also unchanged from October. Buy-to-let loans for house purchase decreased slightly in November to 8,400 loans advanced, down 1.2% compared to October. The loans totalled Pounds1bn in value, the same as in October. Buy-to-let remortgage lending increased slightly in November to 7,700 loans, up 1.3% compared to October. These buy-to-let remortgages had a total value of Pounds1.1bn, the same as in October. Chart 5: Buy-to-let lending for house purchase and remortgage per month Click here to view: http://www.cml.org.uk/cml/files/images/buy-to-let-lending-graph-nov-13.png Table 4: Loans for buy-to-let house purchase and remortgage Click here to view: http://www.cml.org.uk/cml/media/press/3805 Paul Smee , director general of the CML, commented: "The Bank of England's credit survey reported demand in the final quarter of 2013 for house purchases was rising at its fastest pace since the survey began in 2007. This is a significant shift in public mood and, with strong November lending continuing the year-on-year growth seen since April 2013 , this should be expected to continue into the New Year." CC AutoTriage1pm-140116-30TagarumaMar-4602623 30TagarumaMar
Most Popular Stories
- Obama Administration Releases Proposal to Regulate For-Profit Colleges
- Some California Cities Seeking Water Independence
- Apple, HP, Intel May Take a Hit from Slowdown in Smartphone Sales Growth
- Chinese e-Commerce Giant Alibaba Gears for IPO in U.S.
- FDIC Files Lawsuit on Behalf of Banks Allegedly Hurt by Libor Scandal
- Motley Crue's Nikki Sixx Marries Model Courtney Bingham
- Will Missing Malaysian Jet Prompt Aviation System Change?
- SoCalGas Reaches Record Spend on Diversity Suppliers
- Keurig Adds Peet's coffee, Alters Starbucks deal
- Obama Seeks to Stay Neutral in CIA-Senate Conflict