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Bergason Property Services Limited - News- 37% Year-On-Year Increase For Ftb Lending In December 2013
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Bergason Property Services Limited - News- 37% Year-On-Year Increase For Ftb Lending In December 2013

37% Year-On-Year Increase For Ftb Lending In December 2013

Date Added 12/02/2014

New CML data released today on the profile of UK lending in December 2013, including first-time buyer, home mover, remortgagor and buy-to-let lending.

The number of first-time buyers and home movers taking out loans continued to grow in December increasing year-on-year by 37% and 19% respectively in volume compared to December 2012 with remortgage lending down 10% in volume compared to November, but up 31% year-on-year.

Buy-to-let loans for house purchase decreased 10% in December 2013 in volume compared to November. Buy-to-let remortgage lending also decreased 10% compared to November.

The CML has also created profiles of UK lending in the fourth quarter of 2013 and for the year as a whole. CML data shows that strong home-owner house purchase numbers through 2013 continued into the closing months resulting in a 19% year-on-year increase in volume in the fourth quarter 2013 and overall 2013 was up 11% on 2012.

As seen throughout 2013, lending to first-time buyers continued to be a key driver in the closing quarter of 2013 with a year-on-year increase in volume of 30% on the fourth quarter of 2012. This resulted in lending to first-time buyers for 2013 being up in volume by 23% on 2012.

Home mover lending continued to pick up with a 13% rise in the volume of lending for house purchase in the fourth quarter compared to the same period in 2012. This meant a 3% rise overall in 2013 compared to 2012.

Although not as strong as house purchase, remortgage lending showed growth in the last quarter of 2013, up 8% year-on-year for that quarter, resulting in a 2% yearly increase in 2013 compared to 2012.

Buy-to-let lending also finished strongly in the last quarter of 2013, up 20% compared to the last quarter of 2012, in addition, buy-to-let loans for house purchase increased 18.6% in 2013 compared to 2012.

The Bank of England reported earlier this month that UK gross mortgage lending was £16.8 billion in December, which due to the expected seasonal dip was down slightly by 1% but up 49% compared to December 2012. In the fourth quarter of 2013, gross UK mortgage lending totalled £51.4bn which was an increase of 36% compared to the fourth quarter of 2012. Overall for 2013 gross lending totalled £176.4bn, up 21% on 2012.
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