{"id":15195,"date":"2016-05-04T13:38:56","date_gmt":"2016-05-04T13:38:56","guid":{"rendered":"http:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=15195"},"modified":"2016-07-27T11:05:19","modified_gmt":"2016-07-27T11:05:19","slug":"mortgage-market-update-may-2016","status":"publish","type":"page","link":"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=15195","title":{"rendered":"Mortgage Market Update &#8211; May 2016"},"content":{"rendered":"<p><strong>New Mortgages granted \u00e2\u20ac\u201c March Estimates<\/strong><br \/>\nThe Council of Mortgage Lenders reported on 21st April that March\u00e2\u20ac\u2122s estimated figure for gross mortgage lending in the UK would be \u00c2\u00a325.7 billion. This is 43% higher than last month&#8217;s figure, and 59% higher than last March\u00e2\u20ac\u2122s figure. The report said that lending \u00e2\u20ac\u0153was driven by a surge to beat the second property stamp duty surcharge deadline\u00e2\u20ac\u009d.<br \/>\nSource: Council of Mortgage Lenders<\/p>\n<p><strong>New Mortgages granted \u00e2\u20ac\u201c February Actual Figures<\/strong><br \/>\nOn 13th April, the Council of Mortgage Lenders reported on February\u00e2\u20ac\u2122s gross mortgage lending for house purchase.<br \/>\nLoans to home-owners in January totalled 48,000, worth \u00c2\u00a38.7 billion. This is up 4% on January\u00e2\u20ac\u2122s both in number and in value. Compared to last February, it is up 12% in number and up 21% in value.<br \/>\nFirst-time buyer loans totalled 22,000, valued at \u00c2\u00a33.4 billion, which is up 3% both in number and in value on last month. However, this is 11% higher in number and 21% higher in value, compared to last year.<br \/>\nHome movers\u00e2\u20ac\u2122 loans totalled \u00c2\u00a35.3 billion, and numbered 26,000. These figures are up 4% both in terms of value and number on last month.  The figures are up 20% in value and up 14% in number on last year.<br \/>\nThe number and value of remortgage loans decreased \u00e2\u20ac\u201c 28,400 loans worth \u00c2\u00a34.8 billion were made in February. These figures are 15% lower than last month\u00e2\u20ac\u2122s in terms of volume and 17% lower in value. However, over the year,  the figures are up by 24% in number and up 37% in value.<br \/>\nSource: Council of Mortgage Lenders<\/p>\n<p><strong>Mortgages &#8211; First-time buyers and home-movers \u00e2\u20ac\u201c February 2016.<\/strong><br \/>\nThe latest figures from CML (published 13th April 2016) show that first-time buyers&#8217; mortgages average \u00c2\u00a3129,000, which is 83% loan-to-value, and 3.46 times income. The proportion of their income that buyers are paying to service their mortgages is 18.1% (when including capital repayments).<br \/>\nFor home-movers, the average loan is \u00c2\u00a3168,000, with a loan-to-value ratio of 73%, and 3.21 times income. Income proportion spent on mortgage repayments is 18.1% when including capital repayments.<br \/>\nSource: Council of Mortgage Lenders<\/p>\n<p><strong>Buy-to-Let Mortgages \u00e2\u20ac\u201c February 2016<\/strong><br \/>\nThe Council of Mortgage Lenders reports that during February, the total advanced on buy-to-let mortgages was \u00c2\u00a33.7 billion (23,700 loans). This is unchanged in value and up 1% in number than in January. Compared with last February, the number has risen by 47% and the value by 61%. 13,100 of these loans were for remortgage, worth \u00c2\u00a32.2 billion.<br \/>\nSource: Council of Mortgage Lenders<\/p>\n<p><strong>Outstanding Mortgages \u00e2\u20ac\u201c March 2016<\/strong><br \/>\nBy the end of March, the total outstanding mortgage lending in the UK amounted to \u00c2\u00a31.291 trillion. Last March it was \u00c2\u00a31,262 trillion. This averages to \u00c2\u00a3116,620 for each of the 11.1 million households with mortgage debt.<br \/>\nSource: The Money Charity<\/p>\n<p>*<a href=\"http:\/\/www.propertysurveying.co.uk\/INDEX\/MonthlyNewsletter\/2016\/May-2016-Newsletter.html\"><em>Back to May 2016 Newsletter<\/em><\/a>*<\/p>\n<p>\u00c2\u00a9 \u00c2\u00a0www.propertysurveying.co.uk \u00c2\u00a0 \u00c2\u00a0 PP<\/p>\n","protected":false},"excerpt":{"rendered":"<p>New Mortgages granted \u00e2\u20ac\u201c March Estimates The Council of Mortgage Lenders reported on 21st April that March\u00e2\u20ac\u2122s estimated figure for gross mortgage lending in the UK would be \u00c2\u00a325.7 billion. This is 43% higher than last month&#8217;s figure, and 59% higher than last March\u00e2\u20ac\u2122s figure. The report said that lending \u00e2\u20ac\u0153was driven by a surge &hellip; <a href=\"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=15195\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Mortgage Market Update &#8211; May 2016&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"folder":[],"class_list":["post-15195","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Mortgage Market Update - May 2016 - 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=15195\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mortgage Market Update - May 2016 - Property Surveying NEWSLETTER\" \/>\n<meta property=\"og:description\" content=\"New Mortgages granted \u00e2\u20ac\u201c March Estimates The Council of Mortgage Lenders reported on 21st April that March\u00e2\u20ac\u2122s estimated figure for gross mortgage lending in the UK would be \u00c2\u00a325.7 billion. This is 43% higher than last month&#8217;s figure, and 59% higher than last March\u00e2\u20ac\u2122s figure. 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This is 43% higher than last month&#8217;s figure, and 59% higher than last March\u00e2\u20ac\u2122s figure. 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