Gross mortgage lending £18.4 billion in April
Published: 25 May 2017
The Council of Mortgage Lenders estimates that gross mortgage lending reached £18.4 billion in April. This is 11% lower than March’s lending total of £20.7 billion, but 4% higher than the £17.7 billion lent in April last year.
Commenting on market conditions in this month’s market commentary, CML senior economist Mohammad Jamei said:
First-time buyers and remortgage customers appear to be buoying the market, as low mortgage rates are encouraging borrowers to remortgage and attractive government schemes are helping first-time buyers. We expect this trend to continue over the coming months.
Home movers are having less luck. Their activity has been subdued for some time now and the low number of movers means fewer properties for sale. This supply and demand imbalance will continue to underpin house price values, even as the rate of price rises slows.
Notes to editors
1. The Council of Mortgage Lenders' members are banks, building societies and other lenders who together undertake around 97% of all residential mortgage lending in the UK. There are 11.1 million mortgages in the UK, with loans worth over £1.3 trillion.
2. The Council of Mortgage Lenders does not publish statistics for mortgage approvals. The data in our monthly mortgage lending press release and gross lending press releases relate to mortgage advances only. A mortgage approval is the firm offer to a customer of a specific amount of credit secured against a particular property. A mortgage advance is the total amount of loan actually provided to the buyer, by the lender.
3. The CML's gross mortgage lending estimate for May and market commentary will be published on Thursday 22 June 2017.
4. This month's full market commentary can be viewed on the CML website.