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TODAY'S OTHER NEWS

Massive increase in mortgage loans - and not only for buy to let

There has been a 58 per cent rise in the past year for mortgages for house purchase purposes, according to the Council of Mortgage Lenders.

They took out 69,800 loans in March - the latest figures available - which was up 45 per cent on the previous month and a 38 per cent rise on March 2015. 

First-time buyers took out 28,100 loans, up 28 per cent month-on-month and 17 per cent year-on-year. 

Meanwhile owner-occupiers took out 41,700 loans, up 60 per cent month-on-month and 58 per cent on March 2015.

Unsurprisingly, the largest increase of all was amongst landlords wanting to beat the stamp duty surcharge deadline of April 1. Landlords borrowed 45,000 loans in total in March this year, which was up 88 per cent compared to February and a whopping 142 per cent higher than in March 2015.

Marsh & Parsons’ new chief executive David Brown says that in London some three fifths of all property transactions in March were related to buy to let - but that is clearly not going to be repeated. 

“Encouragingly, strong growth elsewhere in the mortgage market means we’re unlikely to see any severe withdrawal symptoms from a buy to let lull in the aftermath of this whirlwind” he says.

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