JSMedia – In July, the Council of Mortgage Lenders published its figures for outstanding residential mortgage lending in the UK. It is a not-for-profit organisation representing the interests of mortgage lenders. Full members of the CML include banks, building societies, and specialist lenders. These institutions account for 95% of UK mortgage lending. The CML also includes associate members in related industries. These individuals receive the same benefits as full members.
The ONS collects data about mortgage products in the UK on a regular basis and all reporting firms must follow the FCA’s data definitions. These figures are a good representation of the market, but some lenders do not provide their data to third parties.
Generally, the figures are relevant for 90% LTV or more. The amount of total regulated mortgages was PS159.7 billion in May 2021, which is slightly higher than the same period in 2020.
The Council of Mortgage Lenders Figures
The ONS’s data is collected in a standard, electronic format, and all reporting firms follow the same data definitions as the FCA. Because of this, the data is more reliable and consistent. The coverage of this database is 99%, and the number of loans is growing each month. However, some lenders do not permit their data to be shared with third parties. That’s a concern for the public, and the figures for this year are not complete yet.
In spite of the difficulties in the housing market, the UK is now feeling more secure and more confident about the housing market. According to Jeavon Lolay, senior economist at Lloyds TSB, the number of remortgages in the UK is at an all-time high. Further, the UK is seeing a higher level of consumer debt, and a rising number of people looking for equity release.
Remortgages have increased at a steady pace since last year. The average price of a property in London has risen by 45%. While the housing market was closed in September, many first-time buyers were affected. Despite this, the numbers of remortgage transactions have recovered steadily and transactions were just 2% lower than in the previous year’s sixth quarter. This means that remortgages are becoming a popular means of getting equity in a home.