UK Finance’s latest Mortgage
Trends Update for September 2018
reveals:
-
There were 29,400 new first-time buyer
mortgages completed in the month, some 4.5 per cent fewer than
in the same month a year earlier. The £5.0bn of new
lending in the month was the same year-on-year. The
average first-time buyer is 30 and has a gross household income
of £42,000.
-
There were 29,400 new homemover mortgages
completed in the month, some 8.4 per cent fewer than in the
same month a year earlier. The £6.5bn of new lending in
the month was 5.8 per cent down year-on-year. The average
home mover is 39 and has a gross household income of
£56,000.
-
There were 35,600 new homeowner remortgages
completed in the month, some 0.6 per cent fewer than in the
same month a year earlier. The £6.4bn of remortgaging in
the month was 1.5 per cent down
year-on-year.
-
There were 5,200 new buy-to-let home purchase
mortgages completed in the month, some 18.8 per cent fewer than
in the same month a year earlier. By value this was
£0.7bn of lending in the month, 22.2 per cent down
year-on-year.
-
There were 12,300 new buy-to-let remortgages
completed in the month, some 0.8 per cent fewer than in the
same month a year earlier. By value this was £2.0bn of
lending in the month, the same
year-on-year.
Commenting on the data, Jackie Bennett,
Director of Mortgages at UK Finance,
said:
“Overall remortgaging for both residential and
buy-to-let properties have levelled out after a period of strong
growth. This reflects the number of fixed rate loans reaching
maturity.
“Buy-to-let home purchases have eased again in
September, suggesting lending in this market remains subdued as a
result of recent tax, regulatory and legislative
changes.
“Demand for house purchases for
both first-time buyers and homemovers has also lessened, as
affordability constraints continue to bear down on consumer
demand for new loans particularly in London and the South East”.
