Mortgage lending for house buying purposes was up 11% in August on the same month last year – despite a drop of almost 40% in buy-to-let borrowing for house purchase.
First-time buyers borrowed £5.1bn, up 13% on July and 24% on August last year. This equated to 31,800 loans, up 12% month-on-month and 19% year-on-year.
Home movers borrowed £7.1bn, up 15% on July and 3% compared to a year ago. This represented 34,200 loans, up 14% month-on-month and 2% on August 2015.
Re-mortgaging by both owner-occupiers and buy-to-let borrowers was strong, said the Council of Mortage Lenders.
| House purchase | Remortgage | ||||
| FTBs | Movers | Buy-to-let | Home owners | Buy-to-let | |
| August 2015 | 26,700 | 33,700 | 10,600 | 25,000 | 11,500 |
| July 2016 | 28,300 | 30,000 | 6,000 | 33,500 | 12,300 |
| August 2016 | 31,800 | 34,200 | 6,500 | 34,900 | 12,800 |
| 1 month change | +12.4% | +14.0% | +8.3% | +4.2% | +4.1% |
| 12 month change | +19.1% | +1.5% | -38.7% | +39.6% | +11.3% |
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