Mortgage lending down year-on-year
LOANS for house purchase increased in April, but were down year on year.
There were 40,900 house purchase loans, up eight per cent from 37,900 in March, but two per cent lower than in April 2010. Remortgages fell sharply month on month.
There were 24,700 remortgage loans in April, down 28 per cent on March but up one per cent on April 2010.
The latest report from the Council of Mortgage Lenders also says that there could be a “lull” in house purchase completions in the next few months.
The number of loans to first-time buyers increased by eight per cent in April, but the number of loans to first-time buyers rose by just one per cent year on year.