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News - 14 March 2014

Number of loans to first-time buyers up.

The Council of Mortgage Lenders have released figures on the profile of UK lending in January 2014, including first-time buyers, home movers, remortgagors and buy-to-let lending

There was the usual seasonal dip in January for first-time buyers and home movers, the total number of home-owner loans for house purchase in January 2014 was down 16% compared to December 2013 but up 30% on January 2013.

Remortgage lending in January was up 10% in volume compared to December and also up 16% compared to January 2013.

Buy-to-let lending for house purchase increased 11% in January in volume compared to December 2013. Buy-to-let remortgage lending also increased 6% compared to December.

The Bank of England reported earlier this month that UK gross mortgage lending was £16.1 billion in January, which due to the expected seasonal dip was down slightly by 4% compared to December 2013 but up 39% compared to January 2013.

Lavinia Newman, founder of ABDS comments:
“The total number of loans advanced to home-owners for house purchase decreased in January, down 16% compared to December but up 30% on January 2013. Overall, 48,600 loans were advanced in January with a total in value of £8bn, which was a decrease of 14% in value on December 2013 but a 43% increase in comparison to January 2013.”

The number of loans advanced to home movers for house purchase totalled 26,800 in January, down 15% in volume compared to December but up by 25% compared to January 2013. Home mover loans totalled £4.9bn in value in January, which was a month-on-month decrease of 13% compared to December, but up 36% compared to January 2013.

Gross buy-to-let advances in January totalled 15,700 loans, which was up 8% compared to December 2013 and up 37% compared to January 2013. The value of these loans totalled £2.1bn, which was an increase of 11% compared to December and up 40% compared to January 2013.

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 11.2 million mortgages in the UK, with loans worth over £1.2 trillion.

Property transactions, whether small or large, residential or commercial, can be fraught with complex VAT rules so as HMRC are focusing on the subject, why not take time to consider your own situation with letting income and contact ABDS to discuss how we can help in these matters.

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

Brilliant with numbers
Great with people
Clear and precise with advice
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In touch with issues that face our clients
Mindful of our client’s long term strategic goals

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