This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
Latest figures from the Council of Mortgage Lenders suggest that June was a good month for mortgage activity, with positive news for buy-to-let.
Rises
Data from the report shows that first-time buyers saw a significant month-on-month activity increase in comparison to May, but little movement year-on-year. Home mover lending was also up by month and also slightly by year.
Significant movement was recorded by home-owner remortgage activity, which increased by a third both month-on-month and year-on-year.
As for buy-to-let, a steady growth was evident over the year and over the month, with buy-to-let remortgage activity the prime driver. Buy-to-let lending for house purchase has seen a stronger performance than home-owner loans, which is in part due to buy-to-let lending dipping more than home-owner loans during the economic downturn. Buy-to-let lending accounted for 17% of gross lending during June.[1]
June a good month for BTL market
Deals
Paul Smee, director general of the CML said. ‘notable this month is the uptick in remortgage activity among home-owners, perhaps reflecting an increased desire to lock into competitively-priced mortgage deals in advance of any rise in rates. It is likely that people are now beginning to feel a rate rise is a realistic prospect and not just a distant theoretical possibility.’[1]
‘After a slower than expected start to the year, lending now appears to be picking up as we expected and in line with our recently revised forecasts, ‘Smee added.[1]
[1] http://www.propertyreporter.co.uk/property/cml-june-sees-a-strong-month-for-buy-to-let.html
