Following the surge in activity in March, April saw a significant fall in house purchase lending, in particular to first-time buyers, according to new data from the Council of Mortgage Lenders. This was in line with expectations and was caused by the distorting effect of the March ending of the stamp duty concession.
The full release is attached and available from the website here:
Full historical tables are available on request from the press office.
NOTES TO EDITORS
1. The Council of Mortgage Lenders' members are banks, building societies and other lenders who together undertake around 95% of all residential mortgage lending in the UK. There are 11.3 million mortgages in the UK, with loans worth over £1.2 trillion.
2. Source: CML Regulated Mortgage Survey.
3. The Council of Mortgage Lenders does not publish statistics for mortgage approvals. The data in our monthly Regulated Mortgage Survey 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. Please see the mortgage statistics timeline on our website for
4. The May 2012 data will be released on Thursday 12 July 2012.
5. From this month we are including a new data series showing the proportion of income paid on a capital-and-interest repayment mortgage by those borrowers who choose this method. This includes a back run of data to 2005. CML News & Views on 26 June will include further information on the capital-and-interest affordability measure.
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