News | Legal News

19 May 2017

‘Sharp drop’ in buy-to-let lending

March saw a 79.5% year-on-year drop in buy-to-let house purchase lending, new industry data reveals.

During the month, £900 million was borrowed by landlords to fund house purchases, the Council of Mortgage Lenders (CML) said, compared to £4.4 billion in March 2016.

However, the figures for last spring were distorted by a jump in activity ahead of major stamp duty changes for landlords.

Elsewhere, the CML reported that March brought a return to form with regards first-time buyer and home-mover activity.

A sum of £4.9 billion was borrowed by first-time buyers in March, up 9% in year-on-year terms. And home-movers borrowed £6.2 billion for house purchases in total.

March also witnessed a 22% year-on-year increase in re-mortgaging activity, with the figure hitting £6 billion.

Yet despite these statistics, the trade body said homeowner house purchase activity was at its weakest level in two years during the opening quarter of 2017.

Mike Wragg

Mike Wragg

Tel: 01753 279021

Stay in touch

Phone: +44 (0) 1753 889995

Email: enquiries@bpcollins.co.uk

About cookies on our website

Our Site uses cookies to improve your experience of certain areas of the Site and to allow the use of specific functionality, such as social media page sharing. You may delete and block all cookies from this Site, but as a result, parts of the Site may not work as intended.

To find out more about our cookies policy, please visit here.

Click on the button below to accept the use of cookies on this Site (this will prevent the dialogue box from appearing on future visits).