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ollie plimsolls

Supply Of Mortgages 'remains Low'

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A recovery in the mortgage squeeze is still "some way away", according to the Council of Mortgage Lenders (CML).

The comment came as CML figures showed the number of loans for home purchases remained low in May at 52,700.

This was a slight rise of 4% from the previous month, but was still 44% lower than the same month in 2007.

The figures revealed a steep decline in the number of people remortgaging in May - down 14% on the previous month and 23% lower year-on-year.

"Lending levels continue to be lower than last year and any recovery is still some way away," said CML director general Michael Coogan.

Tighter lending

The CML said the situation was likely to "get worse before it gets better", with first-time buyers facing having to find larger deposits and needing a good credit rating to get on the housing ladder.

The number of loans to first-time buyers rose by 4% from April to 19,200 in May, but was 41% lower than May last year.

Recent mortgage approvals data from the Bank of England indicated that the number of loans for house purchase would fall further in coming months, the CML said.

The CML data relates to completions, as does the latest survey of house prices released by the Department for Communities and Local Government (DCLG).

This showed that annual house price growth slowed, down from 4.9% in April to 3.7% in May.

Annual house price growth was highest in Scotland, at 6.9%. Prices in England rose by 3.8% and were up 1.5% in Wales, but prices had fallen by 7.8% in Northern Ireland.

The average cost of a home in the UK was £218,151 in May, the DCLG said.

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  • 395 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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