Mortgage activity picked up in August according to UK Finance
The latest UK Finance data published 12th October 2017 shows that lending for house purchase was higher in August 2017 than in both the preceding month and a year earlier.
On a seasonally adjusted basis, borrowing by first-time buyers and movers increased by both value and volume, according to UK Finance. First-time buyers borrowed £5 billion, taking out 30,400 mortgages, home movers borrowed £7.1 billion, equating to 32,800 loans.
UK Finance state: The value of buy-to-let lending was unchanged but there was a small decrease in the number of buy-to-let borrowers remortgaging.
Commenting on the data, UK Finance’s Head of Mortgages Policy June Deasy said:
“Activity picked up in August, and recent resilience ensured that borrowing by home movers was at its highest since March 2016, when transactions were boosted by an imminent increase in stamp duty. Over the last 12 months, the number of people remortaging has been higher than in any period since late 2009. With mortgage rates close to historic lows and the likelihood of a rise in official rates moving closer, the popularity of remortgaging looks set to continue.”
Read the UK Finance report 12th October 2017 with data in full click here.