{"id":10975,"date":"2014-12-11T16:31:00","date_gmt":"2014-12-11T15:31:00","guid":{"rendered":"http:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=10975"},"modified":"2014-12-11T16:31:00","modified_gmt":"2014-12-11T15:31:00","slug":"monthly-mortgage-update-dec-2014","status":"publish","type":"page","link":"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=10975","title":{"rendered":"Monthly Mortgage Update \u00e2\u20ac\u201c Dec 2014"},"content":{"rendered":"

In this feature, we provide a broad overview of the mortgage market – essential reading for anyone looking to buy a property or operating commercially in the property market.<\/em><\/p>\n

According to the Money Charity, outstanding secured (on dwellings) lending in the UK totalled \u00c2\u00a31.294 trillion at the end of September 2014. This is up from last September\u00e2\u20ac\u2122s \u00c2\u00a31,271 billion and makes the average outstanding mortgage for the 11.1m households who currently have mortgages an estimated \u00c2\u00a3116,035.<\/p>\n

The Council of Mortgage Lenders reports that 58,600 loans were made for house purchase in September, worth \u00c2\u00a310 billion. This is lower than August’s in number by 7.0% and in value by 8.3%. However, these figures are up 13.1% and 20.5% (respectively) on last September\u00e2\u20ac\u2122s figures.<\/p>\n

Over the third quarter of 2014, gross lending totalled \u00c2\u00a332.4 billion, which is 13% higher than last quarter and 25% higher than Q3 2013. They numbered 188k \u00e2\u20ac\u201c up 8% on Q2 and up 12% on last year.<\/p>\n

The estimate for October is \u00c2\u00a319 billion \u00e2\u20ac\u201c 5% higher than September\u00e2\u20ac\u2122s and 8% higher than last October\u00e2\u20ac\u2122s \u00c2\u00a317.5 billion.<\/p>\n

First-time buyers:<\/strong>
\n26,800 loans worth \u00c2\u00a34 billion were made to first-time buyers in September. Compared to last month this is 3.2% fewer and 2.4% lower in value. However, this is 16% larger in number and 25% higher in value than last September<\/p>\n

In Q3, 84,100 loans were made to first-time buyers, worth \u00c2\u00a312.5 billion, which is 3% higher in number and 7% higher in value on Q2. Compared to Q3 2013, the figures are up 15% and 24% respectively.<\/p>\n

The UK\u00e2\u20ac\u2122s average first-time buyer\u00e2\u20ac\u2122s loan-to-value ratio is 83%, using 3.4 times income. The proportion of income paid out on interest is 12%, but this rises to 19.6% when including capital repayments.<\/p>\n

In London in Q3, first-time buyer loans numbered 13,300 and were worth \u00c2\u00a33.3 billion. London’s first-time buyers borrowed 3.86 times gross income and the typical loan size was \u00c2\u00a3221,997. 21% of their gross income goes towards capital and interest payments.
\nWelsh first-time buyers’ loan size is typically \u00c2\u00a3100,800 \u00e2\u20ac\u201c 3.23 times gross income. They spend 18.2% of gross income on capital and interest payments. There were 3,300 first-time buyer loans in Wales in Q3, worth \u00c2\u00a3350 million.<\/p>\n

Scottish first-time buyers spend 17.3% on capital and interest, typically using 2.94 times gross income to secure the \u00c2\u00a398,307 loan. There were 7,500 loans in Q3 worth \u00c2\u00a3810 million.<\/p>\n

In Northern Ireland, the number of loans to first-time buyers totalled 2,000 (worth \u00c2\u00a3170 million. First-time buyers here borrow 2.73 times gross income, typically borrowing \u00c2\u00a380k. These buyers spend 16.2% of their gross income on capital and interest repayments.<\/p>\n

Home-movers and re-mortgages:<\/strong>
\nFor UK home-movers, the loan-to-value ratio in September was 70%, at 3.06 times income. Income proportion spent on interest was 9.1%, which rose to 18.8% when including capital repayments. There were 31,700 loans worth \u00c2\u00a36 billion this month. In Q3, home movers\u00e2\u20ac\u2122 loans totalled \u00c2\u00a319.8 billion, and numbered 103,600.<\/p>\n

The number and value of remortgage loans was 28,300 loans worth \u00c2\u00a34.4 billion in September. In Q3, the number of remortgage loans was 77,200, totaling \u00c2\u00a311.9 billion.<\/p>\n

Buy-to-let mortgages:<\/strong>
\nThe September 2014 report shows that the total advanced on buy-to-let mortgages was \u00c2\u00a32.5 billion (18,100 loans).<\/p>\n

Buy-to-let loans for remortgage numbered 9,260 loans worth \u00c2\u00a31.37 billion, whereas Buy-to-Let loans for house purchase totalled 8,760 worth \u00c2\u00a31.09 billion.<\/p>\n

Mortgage Arrears and Homes Repossessions:<\/strong>
\nThe number of UK mortgages in arrears now stands at 1.12% of all mortgages.
\nDuring Q3 2014, 125,100 mortgages were in arrears, i.e. behind by more than 2.5% of the mortgage balance.<\/p>\n

The number of repossessions in the quarter was 5,000 (0.04%).<\/p>\n

Source of data: Council of Mortgage Lenders and Money Charity<\/p>\n

PP<\/p>\n","protected":false},"excerpt":{"rendered":"

In this feature, we provide a broad overview of the mortgage market – essential reading for anyone looking to buy a property or operating commercially in the property market. According to the Money Charity, outstanding secured (on dwellings) lending in the UK totalled \u00c2\u00a31.294 trillion at the end of September 2014. This is up from … Continue reading “Monthly Mortgage Update \u00e2\u20ac\u201c Dec 2014”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"open","ping_status":"open","template":"","meta":{"footnotes":""},"folder":[],"class_list":["post-10975","page","type-page","status-publish","hentry"],"yoast_head":"\nMonthly Mortgage Update \u00e2\u20ac\u201c Dec 2014 - Property Surveying NEWSLETTER<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=10975\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Monthly Mortgage Update \u00e2\u20ac\u201c Dec 2014 - Property Surveying NEWSLETTER\" \/>\n<meta property=\"og:description\" content=\"In this feature, we provide a broad overview of the mortgage market – essential reading for anyone looking to buy a property or operating commercially in the property market. 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