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Tuesday, June 13, 2017

BTL lending level with last April

Compared with March, April saw gross BTL lending fall 17% by value and 16% by volume according to the latest CML data.

Despite this drop, April's BTL lending, is comparable with April 2016's; the number of loans up 1% and the amount borrowed the same at this month a year ago.

Buy-to-let activity was driven by remortgage lending which accounted for over two thirds of total lending. The number of loans for buy-to-let house purchase advanced in April remained low compared to activity seen before the change on stamp duty on second properties introduced in April last year.

btl loans cml data april 2017

CML's Paul Smee, comments:

'April comparisons are distorted by the weakness last year following the stamp duty changes, and the normal seasonal lending surge in March. But the seasonally-adjusted picture shows lending relatively unchanged month-on-month across all lending segments.

Heading into the summer months, we expect the market to remain slightly lopsided. Buy-to-let and home movers may well remain subdued, as they have been for the last six months. But both first-time buyer and remortgage lending should maintain momentum on the coattails of the attractive deals available.'

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