Various sources are claiming that now is as good a time to buy a property as there has ever been, with interest rates low and the property market surging forward. We have compiled stats from various sources around the country to give you a complete view of the mortgage market, in case you are looking to invest…
New Mortgages granted – January Estimates
The Council of Mortgage Lenders reported on 19th February that January’s estimated figure for gross mortgage lending in the UK would be £16.6 billion. This is 14% higher than December’s figure, but 11% down on last January’s figure.
Source: Council of Mortgage Lenders
New Mortgages granted – December Actual Figures
The Council of Mortgage Lenders reports that gross mortgage lending in December totalled 55,600 loans, worth £9.3 billion. This is 1.5% higher than November’s in number and 3.3% higher in value. However, compared to last December, it is down 5.1% in number and 1.1% in value.
Of these, first-time buyer loans totalled 26,100, valued at £3.8 billion, which is up 3.2% in number and 5.6% in value on last month. This is 2.6% lower in number but of the same value, compared to last year.
Home movers’ loans totalled £5.5 billion, and numbered 29,700. These figures are down 0.3% in terms of number, but up 1.9% in value on last month. The figures are down 7.2% in number and 1.8% in value on last year.
The number and value of remortgage loans also fell in the month – 22,300 loans worth £3.4 billion were made in December. These figures are 7.1% lower than last month’s in terms of volume and 5.6% down in value. Over the year, these figures are down by 12.9% in number and down 10.5% in value.
Source: Council of Mortgage Lenders
New Mortgages granted – Q4 2014 Figures
The Council of Mortgage Lenders reports that in the fourth quarter of 2014, gross lending for house purchase totalled £28.8 billion, which is down 8% on the last quarter, but up by 2% on the fourth quarter last year. The loans numbered 173,200, which 5% lower than Q3 and 3% lower than Q4 2013.
80,100 loans were made to first-time buyers, worth £11.6 billion. This is 2% down on Q3’s in number and 5% down in value. These figures remain the same and are up 5% (respectively) on Q4 2013.
Home movers’ loans totalled £17.2 billion, and numbered 93,100. These figures are down 8% in terms of number, and 10% in value on Q3, and are down 5% in number and unchanged in value on Q4 last year.
The decline continues in the number of remortgage loans, which fell by 3% in the quarter to 73,100, and fell 13% on Q4 2013. In terms of value, the total is £11.1 billion, which is 4% lower than last quarter and 10% lower than the same quarter last year.
Source: Council of Mortgage Lenders
New Mortgages granted – 2014 Actual Figures
The Council of Mortgage Lenders reports that 676,900 loans were made in 2014 for house purchase, worth £112.7 billion. This is higher than 2013 by 11 % in number and 19% in value.
Remortgage loans numbered 303,100, worth £46 billion. This is lower by 6% in number but higher by 2% in value on 2013 figures.
Loans to first-time buyers in 2014 numbered 311,500, with a value of £45 billion. These figures are 15% higher in number and 24% higher in value on last year’s figures.
Home-movers’ loans numbered 365,400 in 2014, with a value of £67.6 billion. This is 8% higher in number and 16% higher in value than the previous year.
Source: Council of Mortgage Lenders
Mortgages – First-time buyers and home-movers – December 2014.
The latest figures from CML (published 14th February 2015) show that first-time buyers’ mortgages average 81% loan-to-value, and are 3.39 times income. The proportion of their income that buyers are paying on interest stands at 11.0%, but this rises to 19.0% when including capital repayments.
For home-movers, the loan-to-value ratio is 72%, at 3.04 times income. Income proportion spent on interest is 8.5%, which rises to 18.3% when including capital repayments.
Source: Council of Mortgage Lenders
Buy-to-Let Mortgages – December 2014, Q4 and whole year 2014
The Council of Mortgage Lenders reports that during December 2014, the total advanced on buy-to-let mortgages was £2.5 billion (17,300 loans). This is the same as November’s in number but higher in value by 4.2%. Compared with last December, the number rose by 18.5% and the value by 31.6%.
8,610 loans worth £1.35 billion were for remortgage – a decrease of 1.3% in number but a rise of 2.3% in value on the previous month. Compared to last December, the figures are up 19.6% in number and up 32.4% in value.
Buy-to-Let loans for house purchase totalled 8,550 worth £1.08 billion, a rise of 1.1% in number and 5.9% in value on last month, and a rise of 17.4% in number and 28.4% in value on December 2013.
In Q4, 54,000 loans worth £7.7bn were buy-to-let. This is 4% higher in number and 5% higher in value compared to Q3. This is 16% higher in number and 26% higher in value on Q4 last year. 26,700 of these were for house purchase, which is 1% up on Q3 and 13% up on Q4 last year. Worth £3.3bn, this is 1% up on Q3 and 21% on Q4 last year.
26,900 buy-to-let loans were for re-mortgage – worth £4.1bn, this is up 7% in number and 10% in value on Q3, and up 19% and 29% respectively on Q4 2013.
Taking 2014 as a whole, 197,700 buy-to-let loans were made, worth £27.4bn. This is 23% higher in volume and 32% higher in value than 2013. 100,100 loans were for house purchase and 96,020 for re-mortgage. The house-purchase number is 21% higher than 2013, and 31% higher in value (£12.2bn). Remortgage loans value was £14.3bn, which is 35% higher than last year. The volume was higher by 26%.
Source: Council of Mortgage Lenders
Outstanding Mortgage Debt
Outstanding secured (on dwellings) lending in the UK totalled £1.299 trillion at the end of January 2015. This is up from the previous January’s £1.281 trillion.
The average outstanding mortgage for the 11.1m households who currently have mortgages is estimated at £117,305 in January 2015.
Source: The Money Charity
PP / SRJ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 09.03.2015