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Buy-to-let mortgage volume drops 21% in December

Buy-to-let mortgage volume drops 21 percent in December

The volume of buy-to-let (BTL) mortgages fell in December 2016 by 21% compared with figures for the same month in 2015, according to data released by the Council of Mortgage Lenders (CML).

The total value of BTL loans in December 2016 also declined by 18% year-on-year.

Month-on-month gross buy-to-let mortgages were down 15% by volume and 7% by value.

With regards to total lending in 2016, gross buy-to-let mortgages showed a year-on-year increase in both volume (3%) and value (7%).

Paul Smee, director general of the CML, claimed that the buy-to-let sector's positive lending performance for 2016 as a whole had been driven primarily by remortgaging.

The decline in BTL figures in late 2016 was in contrast to the first-time buyer market, which experienced an 7% rise in volume from November 2016 and a 13% increase in value from December 2015.

The first-time buyers’ market also saw annual lending at the highest level (£53.2bn) since CML records began in 1974, up 13% from 2015.

Paul added: “2016 could have been a potentially destabilising year of regulatory and political change, but the mortgage market has been resilient and adaptable.

“We do not expect the market volumes to show a year-on-year increase in 2017, instead it will remain similar to that achieved in 2016.”

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