{"id":15349,"date":"2016-06-02T14:37:17","date_gmt":"2016-06-02T14:37:17","guid":{"rendered":"http:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=15349"},"modified":"2016-06-02T14:37:17","modified_gmt":"2016-06-02T14:37:17","slug":"mortgage-market-update-june-2016","status":"publish","type":"page","link":"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=15349","title":{"rendered":"Mortgage Market Update &#8211; June 2016"},"content":{"rendered":"<p><strong>New Mortgages granted \u00e2\u20ac\u201c April Estimates<\/strong><br \/>\nThe Council of Mortgage Lenders reported on 19th May that April\u00e2\u20ac\u2122s estimated figure for gross mortgage lending in the UK would be \u00c2\u00a318.5 billion. This is 29% lower than last month&#8217;s figure, but 16% higher than last April\u00e2\u20ac\u2122s figure. The report said that this is \u00e2\u20ac\u0153the highest lending total for an April since 2008\u00e2\u20ac\u009d.<br \/>\nSource: Council of Mortgage Lenders<\/p>\n<p><strong>New Mortgages granted \u00e2\u20ac\u201c March Actual Figures<\/strong><br \/>\nOn 17th May, the Council of Mortgage Lenders reported on March\u00e2\u20ac\u2122s gross mortgage lending for house purchase.<br \/>\nLoans to home-owners in March totalled 69,800, worth \u00c2\u00a313.8 billion. This is up 59% on February\u00e2\u20ac\u2122s in number and up 45% in value. Compared to last March, it is up 60% in number and up 38% in value.<br \/>\nFirst-time buyer loans totalled 28,100, valued at \u00c2\u00a34.5 billion, which is up 28% in number and 32% in value on last month. This is 17% higher in number and 29% higher in value, compared to last year.<br \/>\nHome movers\u00e2\u20ac\u2122 loans totalled \u00c2\u00a39.3 billion, and numbered 41,700. These figures are up 75% in terms of value and 60% number on last month. The figures are up 82% in value and up 58% in number on last year.<br \/>\nThe number and value of remortgage loans decreased slightly \u00e2\u20ac\u201c 28,000 loans worth \u00c2\u00a34.7 billion were made in March. These figures are 2% lower than last month\u00e2\u20ac\u2122s both in terms of volume and value. However, over the year, the figures are up by 0.4% in number and up 7% in value.<br \/>\nDirector General of the CML, Paul Smee, stated that \u00e2\u20ac\u0153While the increases are substantial, these supercharged levels of activity are likely to be temporary and will fall back over the summer months\u00e2\u20ac\u009d.<br \/>\nSource: Council of Mortgage Lenders<\/p>\n<p><strong>New Mortgages granted \u00e2\u20ac\u201c First Quarter Actual Figures<\/strong><br \/>\nThe Council of Mortgage Lenders reports that gross mortgage lending for house purchase by home-owners in Q1 2016 totalled 164,200 loans, worth \u00c2\u00a330.9 billion. This is 14% lower than Q4 2015 in number but 23% higher in value. Compared to Q1 2015, it is down 11% in number but up 33% in value.<br \/>\nIn Q1 2016, first-time buyer loans totalled 71,500, valued at \u00c2\u00a311.2 billion, which is down 18% in number and down 16% in value on last quarter. This is 12% higher in number and 22% higher in value, compared to Q1 last year.<br \/>\nHome movers\u00e2\u20ac\u2122 loans totalled \u00c2\u00a319.7 billion, and numbered 92,700. These figures are down 9% in terms of number, and down 4% in value on last quarter. However, the figures are up 11% in number and 26% in value on the first quarter last year.<br \/>\nThe number and value of remortgage loans increased in the quarter \u00e2\u20ac\u201c 90,100 loans worth \u00c2\u00a315.4 billion were made in Q1. These figures are 1% higher than last quarter\u00e2\u20ac\u2122s in terms of volume and 2% higher in value. Compared to Q1 last year, these figures are up by 15% in number and up 25% in value.<br \/>\nSource: Council of Mortgage Lenders<\/p>\n<p><strong>Mortgages &#8211; First-time buyers and home-movers \u00e2\u20ac\u201c March 2016.<\/strong><br \/>\nThe latest figures from CML (published 17th May 2016) show that first-time buyers&#8217; mortgages average \u00c2\u00a3133,000, which is 82.6% loan-to-value, and 3.34 times income. The proportion of their gross income that buyers are paying to service their mortgages is 18.0% (when including capital repayments). The average age of a first-time buyer is 30 years.<br \/>\nFor home-movers, the average loan is \u00c2\u00a3180,000, with a loan-to-value ratio of 74.4%, and 3.04 times income. Income proportion spent on mortgage repayments is 17.8% when including capital repayments, and the average age is 39 years.<br \/>\nSource: Council of Mortgage Lenders<\/p>\n<p><strong>Buy-to-Let Mortgages \u00e2\u20ac\u201c March 2016<\/strong><br \/>\nThe Council of Mortgage Lenders reports that during March, the total advanced to landlords on buy-to-let mortgages was \u00c2\u00a37.1 billion (45,000 loans). This is up 87% in value and up 88% in number than in February. Compared with last March, the number has risen by 142% and the value by 163%.<br \/>\nSource: Council of Mortgage Lenders<\/p>\n","protected":false},"excerpt":{"rendered":"<p>New Mortgages granted \u00e2\u20ac\u201c April Estimates The Council of Mortgage Lenders reported on 19th May that April\u00e2\u20ac\u2122s estimated figure for gross mortgage lending in the UK would be \u00c2\u00a318.5 billion. This is 29% lower than last month&#8217;s figure, but 16% higher than last April\u00e2\u20ac\u2122s figure. The report said that this is \u00e2\u20ac\u0153the highest lending total &hellip; <a href=\"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=15349\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Mortgage Market Update &#8211; June 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-15349","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Mortgage Market Update - June 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=15349\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mortgage Market Update - June 2016 - Property Surveying NEWSLETTER\" \/>\n<meta property=\"og:description\" content=\"New Mortgages granted \u00e2\u20ac\u201c April Estimates The Council of Mortgage Lenders reported on 19th May that April\u00e2\u20ac\u2122s estimated figure for gross mortgage lending in the UK would be \u00c2\u00a318.5 billion. 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This is 29% lower than last month&#8217;s figure, but 16% higher than last April\u00e2\u20ac\u2122s figure. 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