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.

Janine Gibbs

Janine Gibbs

Tel: 01753 279062

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Phone: +44 (0) 1753 889995


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