Lending in Scotland, Greater London and Wales all declined in the last three months of 2014, data from the Council of Mortgage lenders revealed.
Northern Ireland was the only region that saw quarterly growth.
The number of loans to home-movers in Northern Ireland increased 7 per cent by volume and 12 per cent by value in the fourth quarter compared with the previous three months.
Remortgage lending was also up 9 per cent by volume and up 20 per cent by value.
First-time buyer loans were also up 6 per cent to the third quarter by value and up 5 per cent in the number of loans.
According to the CML, Greater London, Wales and Scotland’s property markets have all slowed down.
In Greater London, home-mover loans fell 15 per cent by volume and 20 per cent by value.
Remortgage lending was also down on the quarter by 12 per cent in volume and 13 per cent by value.
First-time buyer loans fell 11 per cent in value and down 7 per cent in the number of loans.
The number of home-mover loans in Wales fall 3 per cent in volume and down 2 per cent in value compared with the third quarter. However, remortgage lending increased by 3 per cent in volume but unchanged in value.
The value of first-time buyer loans were unchanged in the fourth quarter but the number of loans increased 3 per cent.
Home-mover loans in Scotland fell by 8 per cent in volume and 9 per cent in value when compared to the third quarter. The number of remorgage loans have now declined for the fourth quarter, falling by 3 per cent by volume but unchanged in value on the third quarter.
Paul Smee, director general of the CML, described London as a “unique market” with “unique” conditions and challenges, which will need a focus on all types of housing tenure going forward.
“2014 had the highest annual level of borrowers buying a home in London since 2007, with first-time buyers leading that growth, but there have been recent signs of the market cooling.
“The dip in the last quarter of the year may suggests that affordability pressures do still persist in the Capital. Alongside a general steadying of lending across the UK, this may lead to slightly more subdued activity in 2015.”
peter.walker@ft.com, donia.o’loughlin@ft.com
