Mortgage Lending up 12% in May
The latest release of date from the Council of Mortgage Lenders (CML) shows that lending in May increased 12% when compared to April’s figure. Standing at £20.1 billion, it is also ahead of the May 2016 figure when it stood at £17.9 billion. However, it’s not all positive growth. The CML has also revised down its forecast for buy-to-let mortgages for 2017 and 2018.In December 2016, it had forecast lending of £38 billion in both 2017 and 2018. These figures have been reduced to £35 billion in 2017 and £33 billion in 2018.
Paul Smee, Director General of CML commented:
“Re-mortgage activity and first-time buyers continue to drive lending this year. Looking ahead, we expect to see this trend continue, but not as strongly, as the factors supporting lending are blunted by less favourable economic conditions.
Buy-to-let had a weak start to 2017, and the sector’s contribution to overall net mortgage lending has fallen considerably over the last year.
While falling mortgage interest rates have helped support borrowing, tax and prudential measures are exerting pressure on the buy-to-let market. Following the distortion of the stamp duty change on second properties last year, we expected a slight recovery in lending levels. However, this has not materialised, and we therefore have lowered our forecast for buy-to-let lending this year and next.
This re-emphasises the case for avoiding further changes to the tax and regulatory framework until the effect of these already in train have been properly assessed.”
Contact Us
If you’re thinking of moving house, contact our experienced estate agents and property solicitors on 0141 887 5271 (Paisley) or 0141 886 5678 (Renfrew).
Open house event this weekend
We will be holding an open house weekend for selected properties on Saturday 28th and Sunday 29th January. Please see below for details of the properties taking part.
Open house viewing allows potential buyers the opportunity to view property without the need to contact the Estate Agent to arrange an appointment. Home buying can be a fairly daunting process, particularly for first time and inexperienced buyers. All too often we find that new buyers can be apprehensive to arrange viewing, not knowing what is expected of them. We want to alleviate that fear and encourage the viewers to look at our properties on an informal basis.
If a buyer sees something that they are interested in, then we can provide all the help that they need in order to proceed with the purchase. We also find that buyers tend to look at a broader spectrum of properties when given the option to view at an open house, perhaps falling in love with a property that they would not have expected would fit their needs. We can all remember the television programs where the buyers were blown away with the ‘wildcard’ property.
22 Garnie Avenue, Erskine – Saturday and Sunday from 12 to 2pm
14 Park Green, Erskine – Saturday from 12 to 2pm
7 Park Glade, Erskine – Saturday and Sunday from 12 – 2pm
47 Sunnylaw Drive, Paisley – Saturday and Sunday from 12 to 2pm
5A Viking Way, Renfrew – Saturday and Sunday from 12 – 2pm
44 Moorpark Square, Renfrew – Saturday and Sunday from 12 – 2pm
142 Moorpark Square, Renfrew for both Sat and Sun 12 – 2pm
Contact Us
For more information, please call 0141 886 5678