Borrowing by home movers grows strongly in third quarter in London according to UK Finance
News report with data out today from UK Finance headlines ‘Lending in London grew strongly in third quarter’.
Uk Finance report that in the third quarter of 2017 in London home buyers borrowed £6.74 billion for house purchase, up 10 per cent quarter-on-quarter and 13 per cent year-on-year. First-time buyers borrowed £3.31 billion, up seven per cent on the second quarter and nine per cent on the third quarter of last year.
They state: Home movers borrowed £3.44 billion, up 14 per cent quarter-on-quarter and 17 per cent compared to a year ago. Remortgaging activity totalled £4.49 billion, up 15 per cent on the second quarter and four per cent compared to the same quarter last year.
Commenting on the data, UK Finance’s head of mortgage policy June Deasy said:
“Affordability remains challenging in London, but borrowing by first-time buyers grew strongly in the third quarter and reached its highest level for a decade. Borrowing by home movers grew even more strongly, but remained below its recent peak in the first quarter of 2016, when activity was boosted by the impending increase in stamp duty. Remortgaging was also robust as London borrowers sought to lock into historically low borrowing rates ahead of the widely anticipated increase in base rate.”
Read the UK Finance report with data released 23rd November 2017 in full click here.