The temporary increase in the stamp duty threshold saw 51% of homebuyers avoiding stamp duty in September, compared with 22% in September last year. However, the number of house purchase loans was 57% lower than September 2007, according to new data from the Council of Mortgage Lenders.
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The Council of Mortgage Lenders has welcomed the decisive move by the MPC to reduce the Bank rate to 3%.
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Gross mortgage lending reached an estimated £17.7 billion in September, a decline of 10% from August and 42% from September last year, according to the Council of Mortgage Lenders.
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In August there were 42,200 house purchase loans, 15,600 of them to first-time buyers, according to the Council of Mortgage Lenders.
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The Council of Mortgage Lenders (CML) welcomes the Treasury’s confirmation and clarification that the nature of the commitment to restoring flows of lending to the market is in line with the CML’s expectations - namely an aspiration to achieving a broad, deep mortgage market in general with a good spread of products enabling access to the mortgage market for all credit-worthy borrowers.
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The Council of Mortgage Lenders has welcomed the measures announced by the Government, following consultation with the Bank of England and the FSA, to strengthen the capital position of banks and building societies, and to help re-open the market for medium term funding by providing guarantees of new debt issuance by eligible institutions.
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The Council of Mortgage Lenders welcomes the half-point cut in interest rates announced today by the Bank of England.
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Commenting on the Bank of England mortgage lending statistics, Council of Mortgage Lenders director general Michael Coogan said:
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Remortgaging rose and lending for house purchase held steady in July, by comparison with June, although loans to first-time buyers continued to decline according to the latest survey from the Council of Mortgage Lenders.
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