Mortgage Lending up in 2017 Second Quarter
Throughout the second quarter of the current year, mortgage lending was seen to increase throughout the UK.
Much of the trend appears to come from the increase in the amount of mortgage approvals in London as well as a big jump in the amount of First Time Buyers in Scotland.
It’s considered a very positive sign that there was an increase in both remortgages and First Time Buyers throughout the country. The strongest increase was seen in Wales, where the region had its strongest second quarter since 2007.
Overall, First Time Buyers borrowed £11 billion, an increase of 29% on the first quarter and 17% higher than the same quarter in 2016. The £11 billion was made up of 9,500 loans.
On top of the £11 billion borrowed by First Time Buyers, a further £1.5 billion was borrowed by those who were moving property, and a further £900 million was borrowed in the case of remortgaging.
Remortaging was down 7% on the first quarter of 2017 however it was up 7% on the same quarter of the previous year. In Wales home buyers borrowed £1.1 billion, up by 26% on the first quarter and 19% on the previous year.
Overall, it’s a really positive sign for the housing market and although there have been talks that stamp duty is off-putting for First Time Buyers, the evidence is that outside of London, first time buying is still strong. In the London area, there is still a low figure when it comes to Frist Time Buyers getting onto the property ladder.
With mortgage rates at an all-time low, there are some great deals to be had and consumers are certainly taking advantage of them. If you’re looking for a great deal, don’t hesitate to get in touch, give us a call on 03333 44 85 11 or email email@example.com