The Council of Mortgage Lenders (CML) is an industry body that represents mortgage lenders in the United Kingdom. The CML releases data on a regular basis about the state of the mortgage market in the UK. These figures are widely used by analysts, economists, and the media to understand trends in the housing market. In this article, we will provide a comprehensive overview of the CML figures and what they mean for the UK housing market.
What are the CML figures?
The CML figures are a set of statistics that provide a snapshot of the UK mortgage market. The data covers a range of topics, including the number of mortgages approved, the value of mortgages approved, and the number of repossessions. The figures are released on a quarterly basis and cover the whole of the UK.
What do the CML figures tell us about the housing market?
The CML figures are an important barometer of the health of the UK housing market. They provide insight into trends such as the number of first-time buyers entering the market, the amount of lending to buy-to-let investors, and the overall level of mortgage debt in the country. Analysts and economists use the data to make predictions about the future of the housing market, and policymakers use it to inform decisions about interest rates and other economic policies.
Recent CML figures
The most recent CML figures, released in March 2019, show that the number of first-time buyers in the UK reached a 12-year high in 2018. The figures also show that the number of buy-to-let mortgages has fallen to its lowest level since 2013, reflecting changes in tax rules for landlords. Overall, the figures suggest that the UK housing market is stable, with moderate growth in house prices and steady demand for mortgages.
What are the implications of the CML figures?
The implications of the CML figures depend on how they are interpreted. For example, if the number of first-time buyers is rising, this could be seen as a positive sign for the housing market, as it suggests that more people are able to get onto the property ladder. However, if the number of buy-to-let mortgages is falling, this could be seen as a negative sign for the rental market, as it suggests that fewer investors are buying properties to rent out. Ultimately, the implications of the CML figures will depend on the broader economic and political context in which they are released.
How can the CML figures be used?
The CML figures can be used in a number of ways. For example, they can be used by prospective buyers and sellers to understand the state of the housing market in their area. They can also be used by lenders to make decisions about the types of mortgages they offer and the interest rates they charge. Finally, they can be used by policymakers to make decisions about economic policy and regulation.
Conclusion
The Council of Mortgage Lenders figures provide a valuable insight into the state of the UK housing market. While the figures can be interpreted in a number of ways, they are widely used by analysts, economists, and policymakers to understand trends in the mortgage market. By understanding the CML figures, buyers, sellers, and lenders can make informed decisions about the housing market, while policymakers can use the data to make decisions about the broader economy.