The latest data shows that banks and building societies lent more money to homebuyers last month than in any August for the past six years.
The latest data shows that banks and building societies lent more money to homebuyers last month than in any August for the past six years, reported last week by Lisa Bachler in The Gaurdian.
“The Council of Mortgage Lenders said that its members lent £18.6bn in August, 5% lower than July but 13% higher than August last year. Although the figure includes remortgaging, the CML said the bulk of the lending was for house purchases. The last time August lending was so high was in 2008 when it hit £19.3bn.”
This shows that despite ongoing stories in the media regarding the tightening of mortgage lending criteria that banks and building societies are still lending and want to lend to home buyers.
“However, CML chief economist Bob Pannell warned that analysts should not read too much into the steep annual rise. “A gentle slowing of lending activity may now be in prospect, as a result of the continuing impact of tighter lending rules and a softening of the London market,” he said.
The Royal Institute of Chartered Surveyors had said new buyer inquiries had fallen for two months in a row and the number of sales agreed last month was down for the first time since September 2012.
Archer added: “More stretched house prices to earnings ratios, the prospect that interest rates will start to rise before long (albeit gradually) and tighter checking of prospective mortgage borrowers by lenders will likely have some limiting impact on buyer interest.”
While the mortgage lending figures point to a similar upturn in lending to home movers, first-time buyers and buy-to-let landlords, it showed a continued fall in the amount lent to those remortgaging.
“Remortgage activity looks set to remain fairly subdued, until such time as the fear of imminent rate increases shifts the financial incentives to switch,” Pannell said.”
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