Pre-Summer boost for mortgage market according to UK Finance

Written by Allen Walkey on - Breaking News -

Latest UK Finance Mortgage Trends Update for May 2018 headlines ‘Mortgage Market Sees Pre-Summer As Remortgaging Continues Strong Upward Trend’.

The latest UK Finance Mortgage Trends Update reveals there were 32,200 new first-time buyer mortgages completed in the month, 31,100 new homemover mortgages completed in the month, 36,000 new homeowner remortgages completed in the month,  5,500 new buy-to-let home purchase mortgages completed in the month and 14,600 new buy-to-let remortgages completed in the month.

Commenting on the data, Jackie Bennett, Director of Mortgages at UK Finance said:

“The mortgage market is seeing a pre-summer boost, driven by a rise in the number of first-time buyers and strong remortgaging activity. It is also particularly encouraging to see an increase in homemovers, after a period of relative sluggishness in this important segment of the market.

“However, affordability remains a challenge for some prospective buyers and this is reflected by a gradual increase in loan to income multiples.

“Meanwhile purchases in the buy-to-let market continue to be constrained by recent regulatory and tax changes, the full impact of which have yet to be fully felt.”

Read the UK Finance Mortgage Trends Update – May 2018 in full click here.

 

Author: Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

Share
 

Recent Popular Articles


January 2017 Transaction Data from Land registry


Press release from Land Registry published on Gov.uk website yesterday 21st February: January 2017 Transaction Data. The data provides information about the number and types


possibility of zero interest rates


Projections on the financial markets are now suggesting that interest rates in Britain will not reach 0.75% until May 2020, some experts are infact warning


Deal on mortgages for Armed Forces


Recent announcement published 26th December 2016 from Ministry of Defence and Mark Lancaster TD MP on Gov.uk website headlined 'Boxing Day deal on mortgages for


The average UK monthly rent is now £924 according to Homelet


The latest Homelet Rental Index report - June 2018 reveals that average rents across the UK rose by 1.8% in June 2018 when compared to


55% of families trapped in temporary accommodation are working


New research released by Shelter's social housing commission shows 55% of families trapped in temporary accommodation are working. That’s equivalent to more than 33,000 families.