Remortgaging lending up nearly 13%
In July remortgage lending rose 12.7% from £3.7bn to £4.2bn, the highest gross lending figure for this time of year since 2008. Remortgaging now accounts for 25% of the total market according to the latest figures from LMS. Consumers who are remortgaging now take out an average of £20,425 in extra equity. The figures showed […]
CML respond to Scottish Sep Rep consultation
The Law Society of Scotland (LSS) released the results from their separate representation consultation last week. The consultation generated 279 responses with 49% in favour and 51% against the proposed rule change. The results clearly showed opinion was divided on whether there should be a change to the rules in Scotland making separate legal representation […]
Gross mortgage lending hits £16.6 billion
Total gross mortgage lending in July increased to £16.6 billion, up 12% from £14.8 billion in June. The figures from the Council of Mortgage Lenders showed an increase of 29% from the total of £12.9 billion at the same time last year. The figure is the highest monthly estimate for gross lending since October 2008 […]
Right to Buy uptake increases five fold
The latest figures from the Department for Communities and Local Government show that 2,149 properties were sold between April and June this year. Compared to the 443 sold during the same period in 2012. The total number of council homes sold under the reinvigorated Right to Buy scheme is now over 8,000. The sales have […]
Norman Lamont concerned about buy-to-let
Former chancellor Lord Lamont has warned ministers to be wary of the growth in the buy-to-let market. Speaking to The Observer he expressed concern that the bubble of buy-to-let could collapse causing widespread problems. His concern is around the impact that an inevitable rise in interest rates will have on lenders and buyers. Lord Lamont, […]