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Buy-to-Let lending still increasing

Although the total number of home-owner loans for house purchases fell by 16% in January 2014 compared to the previous month (December 2013) it did rise by 30% compared to January 2013 according to data from the CML.

48,600 loans were advanced in January 2014 with a total in value of £8bn, a decrease of 14% in value on December 2013 but a 43% increase in comparison to January 2013.

Buy-to-let lending increased by 11% in January 2014 for house purchases compared to December 2013 with buy-to-let remortgage lending also increasing compared to December by 6%.

Paul Smee, director general of the CML, said: "January is always a subdued month in the mortgage market but the underlying trend and strong year-on-year growth across all borrower groups indicates a strong start to 2014 continuing the sort of lending levels seen throughout 2013. Lending to first-time buyers and home movers has continued its upward trend and this, coupled with the growth in remortgage and buy-to-let activity, would suggest that all parts of the market are open for business."

The total number of loans advanced to first-time buyers in January totalled 21,800, an 18% decrease on December 2013, but a rise of 38% compared to January 2013. The total value of these loans was £3.1bn, a 16% fall on December 2013, but a year-on-year increase of 55% when compared to January 2013. The average loan-to-value for first-time buyers was 82% in January, up from the 80% seen in December 2013 and a year previous in January 2013.

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