theRatandMouse - London's property blog

Fri

Aug

Market report - morning data

Buy-to-let lending in the second quarter reached its highest level since the end of 2008, rising 13% on the previous quarter, and 15% on the same period a year earlier. Buy-to-let mortgages accounted for 12% of all new mortgages... the highest proportion since records began. Data, courtesy of the Council of Mortgage Lenders. Meanwhile, Acadametrics shows house prices recovering June losses with a gain of 0.1% in July, leaving the index 8.1% up on the year. Accompanying comment points to a "flat" market through the rest of the year. Repossessions are down, for the third consecutive quarter. CML data shows a 4.1% fall in the second quarter of the year. The outlook, however, isn't great... with unemployment likely to rise, interest rates in danger of rising and the Government's plan to cut support for borrowers. Oh yeah... good morning.

Technorati Tags: property, real estate

More in this Category - House prices
Other posts in the same month

Comments

These figures are impressive and encouraging given that the buy to let mortgage market is still to open properly for business. The lending market is dominated by 2 lenders and lack of competition is keeping pricing high - the smaller fringe lenders come and go so availability is sporadic at best.

There have been a few new products and lenders of late (limited company mortgages and finance for HMOs on the product site and a new lender, Aldermore, on the lending side)which is a step in the right direction.

We think that, given rents are rising, first time buyers can hardly get a mortgage and the corporation tax change in the budget, as soon a mortgage rates normalise this market will grow enormously.