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On an unadjusted basis, lending in March:
On an unadjusted basis, lending in the first quarter:
Paul Smee, CML director general commented:
'Activity was distorted in March due to a rush to beat the introduction of changes to stamp duty on second properties in April, alongside the seasonal uptick in activity before Easter. While the increases are substantial, these supercharged levels of activity are likely to be temporary and will fall back over the summer months.'
Buy-to-let lending in March
Gross BTL lending was at its highest quarterly level by volume since the third quarter of 2007, with lending on both BTL purchases and BTL remortgages vastly up.
- Landlords borrowed £7.1bn, up 87% month-on-month and 163% year-on-year. This came to 45,000 loans in total, up 88% compared to February and up 142% compared to March 2015.
- Home-owners borrowed £13.8bn for house purchase, up 59% month-on-month and 60% year-on-year. They took out 69,800 loans, up 45% on February and 38% on March 2015.
- First-time buyers borrowed £4.5bn, up 32% on February and 29% on March last year. This totalled 28,100 loans, up 28% month-on-month and 17% year-on-year.
- Home movers borrowed £9.3bn, up 75% on February and 82% compared to a year ago. This totalled 41,700 loans, up 60% month-on-month and 58% on March 2015.
- Remortgage activity totalled £4.7bn, down 2% on February but up 7% compared to a year ago. This came to 28,000 loans, down 2% month-on-month but up 0.4% compared to a year ago.
On an unadjusted basis, lending in the first quarter:
- Landlords borrowed £14.6bn in the period, up 36% quarter-on-quarter and 92% year-on-year. This came to 92,700 loans in total, up 31% compared to the fourth quarter 2015 and 77% compared to the first quarter 2015.
- Home-owners borrowed £30.9bn for house purchase, down 9% quarter-on-quarter but up 33% year-on-year. They took out 164,200 loans, down 14% on the previous quarter but up 20% compared to the first quarter 2015.
- First-time buyers borrowed £11.2bn, down 16% on the fourth quarter 2015 but up 22% on the first quarter last year. This totalled 71,500 loans, down 18% quarter-on-quarter but up 12% year-on-year.
- Home movers borrowed £19.7bn, down 4% quarter-on-quarter but up 40% compared to a year ago. This totalled 92,700 loans, down 9% quarter-on-quarter but up 26% on quarter one 2015.
- Remortgage activity totalled £15.4bn, up 2% on the fourth quarter 2015 and 25% compared to a year ago. This came to 90,100 loans, up 1% quarter-on-quarter and 15% compared to a year ago.
Paul Smee, CML director general commented:
'Activity was distorted in March due to a rush to beat the introduction of changes to stamp duty on second properties in April, alongside the seasonal uptick in activity before Easter. While the increases are substantial, these supercharged levels of activity are likely to be temporary and will fall back over the summer months.'
Buy-to-let lending in March
Gross BTL lending was at its highest quarterly level by volume since the third quarter of 2007, with lending on both BTL purchases and BTL remortgages vastly up.
Home-owner house purchase lending in March
March saw the largest amount of loans taken out in a monthly period for house purchases since June 2014, and the most amount borrowed since August 2007, largely driven by home mover activity. Whereas, first-time buyers activity saw smaller growth.
March saw the largest amount of loans taken out in a monthly period for house purchases since June 2014, and the most amount borrowed since August 2007, largely driven by home mover activity. Whereas, first-time buyers activity saw smaller growth.
Landlords took out 45,000 loans in March, up 88% on Feb and up 142% compared to March 2015. https://t.co/iTVLmQXiMZ pic.twitter.com/sfevrlwinu
— CML press office (@cmlpressoffice) May 17, 2016
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