Greater London saw a decline in the level of house purchase and remortgage lending both year-on-year and quarter-on-quarter, according to latest CML data on the characteristics of lending in Greater London in the fourth quarter of 2014.
First-time buyers in Greater London borrowed £2.9bn representing 12,000 loans. This was down compared to the third quarter by 11% in value and down 7% in number of loans. Compared to the fourth quarter of 2013, the total number of loans was down 10% and the amount borrowed decreased by 4%.
Home movers saw a decrease in numbers to 8,800 loans, valued at £2.9bn, which was down 15% by volume and down 20% by value compared to the third quarter. Compared to the fourth quarter of 2013, there was a decrease of 15% by volume and down 9% by value.
Remortgage lending declined in the fourth quarter totalling 9,800 loans (£2.5bn), which was down 12% by volume and down 13% by value. Compared to the fourth quarter of 2013, remortgage lending in London was down 13% by volume and 11% by value.
Lending in Greater London accounted for 21.5% of UK-wide house purchase activity, down from 22.6% in 2013.
First-time buyers in London were advanced 48,800 loans representing £11.8bn in 2014. This was up 7% by volume compared to 2013, and 18% up by value.
Home movers in London were advanced 37,000 loans, which was down 1% on 2013. These loans totalled £12.5bn, which was up 10%.
Remortgage lending in London came to 42,400 loans in 2014 representing £11bn. This was 1% up by volume compared to 2013, and 10% up by value.
Home-owner house purchase in Greater London decreased in the final quarter of 2014 to 20,800 loans, which was down 10% compared to the third quarter and 12% down compared to the fourth quarter of 2013. These loans by value was £5.8bn, down 16% compared to the third quarter and down 6% on the fourth quarter 2013.
Overall in 2014, the total number of loans advanced for home-owner house purchase was 85,800, which was up 3% compared to 2013. These loans came to £24.3bn, an increase of 13% compared to 2013.
