11 Dec

CML: Home loan figures increase

CML: Home loan figures increase

The number of home loans issued in October reached 55,000, according to figures released by the Council of Mortgage Lenders (CML) in December.

Mortgage approvals in October reached their highest level since December 2007, with a rise in the number of buyers on the market also noted.

Data from the CML showed that there were almost 100 per cent more buyers on the market in October than in January this year.

Despite the improvement in new buyer loans, this increase is not matched by remortgaging figures.

CML research revealed that remortgage approvals had remained static at 33,000 for two months.

The National Association of Estate Agents (NAEA) reacted positively to the news, stating that the increase in buyers demonstrated the effect of the stamp duty holiday on the market.

Peter Bolton King, chief executive at the NAEA, said that the return of first-time-buyers is important: "It is really encouraging to see an increase of 34 per cent in this critical sector of the market within the last 12 months."

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