Latest news release from UK Finance dated 14th August 2018 headlines ‘House purchase activity slows in June but remortgaging activity remains high’.
Commenting on the data, Jackie Bennett, Director of Mortgages at UK Finance said:
“Remortgaging continued to dominate in June with borrowing figures up 13 per cent on the same period last year as existing two and three year products came to an end and borrowers opted for new deals.
“Despite a boost in recent months, speculation of a base rate rise saw the market remain relatively subdued with year-on-year declines in activity among both first time buyers and homemovers as customers adopted a ‘wait and see’ approach.
“House price inflation has moderated in recent months yet it still remains above earnings growth, and so affordability is still a challenge for would-be borrowers.
“And although the full impact has yet to be felt, tax and regulatory changes continue to bear down on borrowing activity in the buy-to-let purchase market.”
Read UK Finance news release 14th August 2018 with key data highlights 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.