House purchase lending recorded its highest January total since 2008, according to new data released today by the Council of Mortgage Lenders
Despite a seasonal monthly fall, house purchase lending increased by 11% compared to January last year. Driving this increase, first-time buyer and home mover activity rose compared to January last year, while remortgage lending was still 23% lower than at the start of 2012.
House purchase lending
A total of 38,300 loans were advanced for house purchase in January, down on the 45,900 taken out in December, but an increase from the 34,600 loans advanced in January last year. By value, house purchase lending totalled £5.7 billion, compared to £5.2 billion in January last year, and £6.9 billion in December 2012.
Continuing the underlying trend for increased house purchase lending, January marked the best start to a year since 2008 – when 47,800 loans were advanced.
Both first-time buyer and home mover lending contributed to the rise in January compared to the same time last year, but the increase in lending to first-time buyers was proportionately higher.
For more information on this or any mortgage advice contact Integrity IFA for independent whole of market mortgage advice in Edinburgh.
