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Aldermore comments on CML data

POSTED: 15th November 2016
IN: Newsroom
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Commenting on the CML’s lending trends data, Charles Haresnape, Group Managing Director for Mortgages, Aldermore, said:

“The quarter on quarter increases in activity in all sectors of the market for Q3 shows the mortgage market is on a steadier footing after the initial uncertainty caused by the EU referendum vote. However, while mortgage affordability may be at a historic low, house price rises in the market are still outstripping wage inflation, exacerbating the issues faced by first-time buyers trying to get on the ladder.

“Recent monthly data has been volatile, with the 19% fall in first-time buyers borrowing in July followed by the 13% increase in August. This has obscured the 8% quarterly increase in first-time buyers borrowing on Q2, and the referendum vote has had little impact on the demand for housing. Our own research found only 5% of respondents listed mortgage affordability as a primary concern, and until housing stock becomes more balanced with surging demand, we are likely to see increasing competition for properties for those looking to make their first purchase.”

*Ends*

For further information, journalists can contact:

Rachael Snelling, Aldermore
Phone:          0208 1853 102
Email:           Rachael.Snelling@aldermore.co.uk

Johnathan Priestley, Cicero Group
Phone:          0207 297 5954
Email:           Johnathan.Priestley@cicero-group.com 

Notes to Editors: 

For further information about Aldermore, please review our Notes to Editors page. 

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