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CML figures show an increase in lending
The latest figures from the Council of Mortgage Lenders reveal that mortgage lending in the residential market has risen over the last year.
First Time Buyers borrowed £5.1bn in August, an increase of 24% on this time last year, while lending to home movers increased by 3%.
Remortgage activity amounted to £5.9bn, representing a significant increase of 41% compared to last August.
These figures certainly indicate that appetite among borrowers is still strong. The CML say this is likely to continue over the coming months, with mortgage rates ticking along at near-record lows following the base rate cut in August.
By contrast the report also reveals that Buy to Let lending is down 12% year on year, a drop which is to be expected given the changes to stamp duty on second properties this year, and the upcoming tax changes next
Chepstow | 01291 626262
Usk | 01291 672212
Ross-on-Wye | 01989 768484
Monmouth | 01600 713030
Newport | 01633 449884
Forest of Dean | 01594 715888
Associated Park Lane Office
0203 368 8745
We are fortunate to sell and let a huge variety of property in one of the most beautiful regions of Britain. Set within glorious unspoilt countryside straddling the English Welsh borders are picturesque villages.