New CML data on lending activities in November 2014 reveal a decline in lending to new homebuyers, home movers, and remortgaging applicants when compared to November 2013 totals. There has been, however, year-on-year growth in buy-to-let lending.
For first-time buyers there was a month-on-month decline in lending, with November loan totals coming to 25,900: an 11% reduction on October and 3% down on the year before. Value-wise, £3.8 billion was provided to new buyers in November, representing a 12% decrease on October but still up 6% compared to November 2013.
Home mover loans were also lower month-on-month. The number of loans made was 29,700, down 13% from October and 10% from November 2013. In terms of value, £5.4 billion was provided to movers, down 14% on October and 5% on November 2013.
Remortgage lending levels witnessed a month-on-month decline in November, with 24,000 remortgage loans being granted in total. This number was down 8% from October’s figures and 16% lower than in November last year. The loan value was £3.6 billion, down 10% on October and 14% on November 2013.
Buy-to-let loans totalled 17,700 in November, representing a value of £2.4bn. This is a decrease on October, with loan amounts down 10% and their values down 11%. Compared to November last year, the number of loans went up 9% and their value was up 14%.
Gross mortgage lending came to £16.5 billion in November, which is 11% lower than the previous month and 3% lower than November last year.
There were 55,600 loans for house purchases in November, a month-on-month decrease and down 12% compared to October. Loan value was £9.2bn, a reduction of 13%. Compared to November of last year, the number of loans provided went down by 7%.