New data released by the Council of Mortgage Lenders in May shows a marked increase in lending in March 2014, including first-time buyer, home mover, remortgages and buy-to-let lending:
- The total number of new loans to home-owners for house purchases increased 4% in March compared to the previous month and was 17% up on March 2013.
- The number of loans for home-owner house purchases in the first quarter of 2014 decreased by 16% in comparison to quarter four of 2013, but was up 27% compared to quarter one 2013.
- First-time buyers took out 24,400 loans in March, 24% more than in March last year. In quarter one of 2014, there were 34% more first-time buyer loans compared to the first quarter of 2013.
- Home mover loans were the same in March as in February but the number of loans was 11% higher than in March 2013. In quarter one of 2014, home movers took out 79,000 loans, a decrease of 19% compared to the previous quarter but up 20% on the same period last year.
- The total number of loans taken out by home-owners for remortgage in March was 2% higher than in February and 5% higher than in March 2013. Like other borrower types, remortgage lending fell in quarter one of 2014 compared to quarter four of 2013 by 6% in volume, but increased 14% compared to quarter one 2013.
- Gross buy-to-let loans advanced increased in March by 10% compared to February and up 56% on March last year. First quarter results show gross buy-to-let loans advanced rose just 1% compared to the fourth quarter of 2013 but up 46% in volume compared to quarter one last year.
The Bank of England reported earlier this month gross UK mortgage lending was £15.3 billion in March, a 4% rise compared to February, and up 32% in value compared to March last year.