Remortgaging in London reaches nine-year high

August 23, 2018

News update from UK Finance – Mortgage Trends in London Update for Quarter 2 2018 reveals remortgaging in London reached its highest level in nine years in the second quarter of this year as house purchase activity slows.

There were 15,200 new homeowner remortgages in London completed in the second quarter, some 16.9 per cent more than in the same quarter a year earlieraccording to the update.

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

“Remortgaging in London reached its highest level in nine years in the second quarter of this year, as homeowners locked into competitive deals amid anticipation of the recent base rate rise.

“House purchase activity has slowed slightly, with affordability remaining a challenge for many would-be borrowers. This underlines the need for clarity over the future of the Help to Buy scheme after 2021.”

Read the UK Finance mortgage trends update released 22nd August 2018 in full click here.

 

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.

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