The CML has released its Regulated Mortgage Survey for February 2012. During the month 36,600 house purchase loans were taken out, with a value of £5.4 billion. The number of loans taken out rose by 4% compared to January 2012, and is a 17% change annually. The value of loans rose by 2% over the last month, and 20% since February 2011.
First-time buyers also recorded a rise in the number of loans taken out in February. First-time buyers took out a total of 14,100 loans, with a value of £1.7 billion. This is a monthly change of 8% in the number of loans, and an increase of 18% compared with February 2011. The value of loans taken out by first-time buyers rose by 6% to January 2012 and is an annual change of 21%.
51% of first-time buyers purchased a property at a value between £125,000 and £250,000. This is a slight rise from 49% in January. February was the last full month where there was a stamp duty exemption on these purchases. The CML expects that the March figures will show a further rise in first-time buyers rushing to beat the March 24 deadline.
Paul Smee, CML director general commented:
“It is encouraging to see the continuing year-on-year improvement in house purchase lending. However, it is not yet clear whether the end of the stamp duty concession will lead to a falling off in first-time buyer numbers and how much this may be offset by the government’s NewBuy scheme, available to all buying a new build property.”
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