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Lending shows signs of cooling - after a tumultuous year of change


Published: 18 November 2014 | Author: Bernard Clarke

The housing market is in better shape than a year ago, despite going through a tumultuous 12 months of transition. Lending has grown, but fears of an overheating housing market are now receding, with our September data shows a softening of house purchase activity.


  • Lending to first-time buyers declined in September, for the second month in a row. But although the total of 26,800 first-time buyer loans was 3% fewer than in August, it was 16% higher than September last year. Worth £4 billion, lending to first-time buyers was down 2% on August but 25% higher than a year ago.
  • Borrowing by movers was also down for the second month in a row, but up on year earlier. There were 31,700 loans to movers, 10% fewer than in August but 11% higher than in September last year. Movers borrowed £6 billion, down 12% on the preceding month but up 18% year-on-year.
  • The number of loans for remortgaging totalled 28,300 – 20% higher than in August but 12% lower than a year ago. At £4.4 billion, the value of these loans was up 22% on the preceding month but down 6% year-on-year.
  • The number of buy-to-let loans totalled 18,100, worth £2.5 billion. Buy-to-let activity recovered from a low point in August and was at a level similar to July. But year-on-year buy-to-let lending was up 24% by volume and 32% by value.

Chart One: Number of loans advanced to first-time buyers per month

11.11.14 first time buyer September chart 14

Source: CML Research