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- Average Mortgage Advance for Home Movers
-- Decrease in February to £78,097, from January £85,068, December £76,299.
- Average Advance for Remortgage
-- Incease in February to £115,141, from January £110,530, December 113,239.
- Average House Price
-- Decrease in February to £135,903, from January £141,765, December £131,981.
The above information is obtained from enact's Database.
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Gross mortgage lending in the month was £17.2 billion (estimate), down from £17.3 billion in January. ( December £21.3 billion). The latest figure compares to £21.1billion in February 2004.
Of Gross Lending an estimated 39% of loans were for House Purchase, with 49% for Remortgage. This compares to 40% and 50% respectively for January and 47% and 43% respectively for December.The latest figures compare to 44% House Purchase and 44% Remortgage in February 2004.
Gross advances represents all new mortgage lending, including loans for house purchase, remortgages, further advances and top-up loans.
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£152,879 in February, marginal increase on January’s figure £151,757, and £152,623 in December. The latest figure compares to £138,730 in February 2004. (*Figures from the Nationwide B.Soc. House Price Survey).
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£6.7 billion (estimate) down from £6.9 billion in January and £10 billion in December. The latest figure compares to £9.3 billion in February 2004.
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59,000 (estimate) down from 61,000 in January and 85,000 in December. The latest figure compares to 88,000 in February 2004.
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£113,560 consistent with £113,115 in January, £117,650 in December. The latest figure compares to £105,682 in February 2004.
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Decreased by 1% to 68% from previous month. The latest figure compares to 70% in February 2004.
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On average existing home owners are borrowing an estimated 2.98 times their income, up marginally from 2.94 in January and 2.91 in December. The latest figure compares to 2.72 in February 2004..
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£8.5 billion (estimate) down from £8.7 billion in January, and £9.1 billion in December. The latest figure compares to £9.2 billion in February 2004.
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74,000 down from 78,500 in January and 80,500 in December. (*Calculated using the enact average advance for remortgages)
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£115,141 (*The enact average advance)
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In February, First Time Buyers borrowed on average 89% of the property value. Consistent with 89% in January and December. The latest figure compares to 87% in February 2004.
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An estimated 17,700 loans where to First Time Buyers down from 18,300 in January, and 23,800 in December. The latest figure compares to 26,400 in February 2004.
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30% (estimate) of House Purchase loans were to First Time Buyers, consistent with 30% in January, December 28%. The latest figure compares to 30% in February 2004.
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On average First Time Buyers are borrowing an estimated 3.22 times their income, up slightly from 3.17 in January and 3.12 in December. The latest figure compares to 2.90 in February 2004.
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Figures taken from monthly survey by the Council of Mortgage Lenders (CML) and the Office of the Deputy Prime Minister, (*except where indicated) and is a continuous monthly survey currently based on a 100% sample of around 50 lenders' completions. These lenders make up approximately 95% of all new UK mortgage lending.
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