CML figures show an increase in lending
The latest figures from the Council of Mortgage Lenders reveal that mortgage lending in the residential market has risen over the last year.
First Time Buyers borrowed £5.1bn in August, an increase of 24% on this time last year, while lending to home movers increased by 3%.
Remortgage activity amounted to £5.9bn, representing a significant increase of 41% compared to last August.
These figures certainly indicate that appetite among borrowers is still strong. The CML say this is likely to continue over the coming months, with mortgage rates ticking along at near-record lows following the base rate cut in August.
By contrast the report also reveals that Buy to Let lending is down 12% year on year, a drop which is to be expected given the changes to stamp duty on second properties this year, and the upcoming tax changes next