In the first quarter homemover lending volumes reached 10,600, an increase of 43% year-on-year and 8% from the final quarter of 2015.
London mortgage lending was robust in the first quarter of 2016 driven by strong homemover activity, data from the Council of Mortgage Lenders has revealed.
In the first quarter homemover lending volumes reached 10,600, an increase of 43% year-on-year and 8% from the final quarter of 2015.
Lending volumes also increased year-on-year for remortgagors (21%), homebuyers (20%), and first-time buyers (3%). Compared to the final quarter of 2015 they fell by 2% for homebuyers but rose by 2% for both remortgagors and homebuyers.
Paul Smee, director general of the CML, said: “The usual seasonal dip in lending in the first quarter of the year didn't seem to impact London as strongly as the UK overall, mainly due to a strong uptick in homemover activity. Remortgage lending also performed well resulting in the highest first quarter remortgage levels in the capital since 2009.
“The housing market in Greater London has some unique characteristics compared to the rest of the UK - more first-time buyers, but lower overall levels of home-ownership.
“Affordability and the supply of housing remain critical factors for the London market, and we will be pleased to work with the new mayor and his deputy on how to deliver appropriate strategy over his term of office.”
