The Council of Mortgage Lenders has recently released data regarding the current state of the UK housing market. Data indicates the market is somewhat slower in areas which are more active this early in the year. First time buyers slowed their activity during the month of January. The group also made fewer deals this year compared with the same month last year. The total amount of lending was 26% lower than in December, in fact.

House movers were also sluggish in number, as a decline of more than 20% in lending took place in January compared with December of last year.

A bright spot among the data was remortgage activity. Lending for those looking to take advantage of a remortgage increased month on month during January by 15%. However, it was much less than during the same time last year. Remortgage lending was higher by more than 11% during the month of January, 2014.

Paul Smee, director of the CML, commented on the rate of lending which is currently taking place compared with the same time last year, saying: “The traditional beginning of year seasonal lull in lending is slightly more prominent in house purchase lending than in previous years, especially in comparison to the particularly strong levels at the start of 2014.”

Smee added: “Affordability constraints remain a factor for would-be borrowers, but we are still projecting lending to pick up over the next few months. Increases month on month in remortgaging, both for home owners and in the buy to let market, are welcome given the recent static nature of remortgage activity. Interest rates are looking unlikely to go up in the very near future and the greater availability of good mortgage rates has probably motivated people to look at a change.”