Mortgage lending in London slows

30th May 2014

Mortgage lending in London slowed in the first quarter of the year, falling by 13% with the value of loans down 10% compared with the previous quarter, according to new data from the Council for Mortgage Lenders.

On an annual basis, the number of new loans taken out in April was up 10% on the same month last year. Paul Smee, director-general of the CML, said: "Affordability remains a crucial factor and policy makers need to be aware that any measures they implement may have different effects in different locations". The figures also show that the typical new buyer in Greater London borrowed 3.83 times their gross income in the first quarter of 2014, compared to the UK average of 3.42.

Source:   Financial Times (29/05/14)