Mortgage lending for home buyers dipped by nine per cent in November according to new data - but it is up 18 per cent over a full 12 month period.
Within that umbrella picture, the Council of Mortgage Lenders also says there were 27,900 loans to first time buyers in November, down eight per cent month-on-month but increasing 10 per cent on the November 2014 figuree.
Loans to home movers - existing owner-occupiers - totalled 32,300, down 10 per cent month-on-month but up nine per cent compared to November 2014.
There’s been an upbeat reaction from Mark Harris, chief executive of mortgage broker SPF Private Clients. “While lending slowed in November compared with a buoyant October, volumes were still higher than a year ago, reinforcing the impression of a robust market. Lenders had a keen eye on year-end targets so there were some very competitive deals to tempt borrowers towards the end of last year, a trend that has continued into this one” he says.
Richard Sexton, director of chartered surveyor e.surv, says that for first time buyers “prospects are certainly looking brighter than they did 12 months ago.”
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