The number and value of loans has fallen for home purchases and remortgaging, while the buy-to-let market has reached record levels, according to the Council of Mortgage Lenders.
CML figures show there were 94,000 loans approved for house purchase in July, down from 102,000 last month, and loan value fell £800m to £14.8bn. Remortgage figures were also down, but not to the same extent as house purchases, with the number of loans approved falling 4,000 to 92,000, while gross lending fell by £200m to £11.5bn. The number of first time buyer loans fell 7% between June and July to 32,400 while the value of loans fell 4% to £4.4bn. Average earnings multiples for first time buyers are also increasing and reached a record of 3.39 in July, compared with 3.23 a year ago. F...
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