“While the data shows a decrease in lending levels compared to October, monthly figures can be volatile and the fall is consistent with the usual decline of activity in the winter months. The year-on-year data demonstrates strong growth, with an 18% rise in house purchase lending compared to November 2014.
“First-time buyers are continuing to reap the benefits of low interest rates and an extremely competitive lending market. The percentage level of monthly income required to service mortgage payments reached the lowest average level in over a decade. Help to Buy has provided a welcome boost to those looking to get on the property ladder, but a range of supply issues remain, with skills shortages expected to add between three and four per cent to building costs over the coming year.”
For further enquiries, journalists can contact:
Johnathan Priestley, Cicero Group
Phone: 0207 297 5954
Rachael Snelling, Aldermore
Phone: 0208 1853 102