Cml Data:house Purchase Lending Unchanged In November

[koala_bear]

http://www.cml.org.u...edia/press/2811

November was a stable month with very few changes to the volume and value of mortgage activity, according to new data from the Council of Mortgage Lenders. 44,000 loans for house purchase, worth £6.3 billion, were advanced in the month. This was unchanged from October and down 15% by volume and 13% by value from November 2009.

This month sees the launch of a new database for the CML monthly Regulated Mortgage Survey lending figures, and all historic RMS data back to 2005 are now based on this. There have been revisions to all historic data, reflecting improvements in data coverage and quality. Although most revisions are modest and within expected statistical error margins, care should be taken in comparing these new figures with any published by the CML previously.

The data seem more interesting with the addition of the last 2 columns, would like so see a third new one with proportion of income spent on capital repayment...

The average FTB loan seems to be £115.8K

Table 2: First-time buyers, lending and affordability

November 2010

#loans: 16,400

total loans: £1,900m

Average loan to value: 80%

Average income multiple 3.18

Proportion of income spent on interest payments 13.0%

First-time buyers took out 16,400 loans (worth £1.9 billion) in November, a 3% increase from October (with the value staying the same) and a 19% decrease (down 17% by value) from the same month last year. Loans to home movers, on the other hand, were down 2% from October with 27,800 loans (worth £4.4 billion), and down 12% compared to November 2009. Like first-time buyers, the value of lending to home movers was unchanged between October and November.

Edited January 14, 2011 by koala_bear

[CasualBear]

http://www.cml.org.u...edia/press/2811

The data seem more interesting with the addition of the last 2 columns, would like so see a third new one with proportion of income spent on capital repayment...

The average FTB loan seems to be £115.8K

Yup, so at 3.18 times salary that puts avg FTB salary at £36k - average for a manager: http://is.gd/RX4dMb

So, all in all you need to be earning a managers salary with £28k in cash to afford a £144k house.