The Council for Mortgage Lenders (CML) has released its figures on house purchase lending for August 2015. The underlying picture presented by the CML is an improvement in lending levels on a year-by-year basis. The figures show:
- House purchase and remortgage lending totalled £19.7bn, down 9% on July 2015, but up 10.7% from August 2014. This was the highest house purchase lending activity level for the month of August since August 2007.
- The highest monthly first-time buyer lending level (by volume and value) in the month of August since 2007, but the number of loans was only 78% of the August 2007 total.
- The highest home-mover lending level by volume and by value in the month of August since 2007, although this month's volume levels are still only 51% of the volume levels in August 2007.
- Buy-to-let lending for house purchase has shown stronger year-on-year growth than home-owner loans for house purchase for most of the year. Buy-to-let lending decreased in August 2015 compared to July, but saw substantial year-on-year increases by volume and value compared to August 2014.
Bob Pannell, chief economist of the CML, commented “seasonal factors pushed all categories of lending lower in August compared to July. However, the mortgage market continues to see year-on-year growth, and we expect this to continue over the coming months”.