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.
'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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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.
CML's Paul Smee, comments:
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.'
Home buyer activity in April down on March but up on a year ago. https://t.co/qNTQlSho38 pic.twitter.com/UGrHepmyVt— CML press office (@cmlpressoffice) June 13, 2017
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Mortgage market summary for April available after .@cmlpressoffice data out just now. Market subdued on nearly all metrics #housingmarket pic.twitter.com/VfXbOZLIVl
— Mohammad Jamei (@mjjamei) June 13, 2017
Email:info@propertyhawkbtlmortgages.co.uk
Tel: 029 2069 5446
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