Interesting Mortgage Statistics From UK Finance
According to data produced on the website of UK Finance, residential mortgage lending to those home owners moving to another property was £7 billion in October 2017. This was an increase of almost 3% when compared to September of last year and, when compared with October 2016, such lending had gone up by over 18%. The number of people moving home in this way totalled over 33,000 with this being a rise of over 15% when compared with October 2016 and a rise of 5% in comparison to September 2017.
The first time buyer market was quite buoyant in October 2017 with over 31,000 mortgages in this sector being approved. This was over 10% more when compared with 12 months previous. The amount advanced in October 2017 to first time buyers was just over £5 billion.
Re-mortgage business for owner occupied properties amounted to over £7 billion with this being an increase of almost 16% in comparison to September 2017. Re-mortgage lending in respect of buy to let properties came to £2.4 billion with this being a big increase of 20% when compared with September 2017.
It is going to be interesting in 2018 to see how the residential mortgage market performs especially when you consider that we have seen a ¼ % increase in the base rate to a ½%. Will this result in a slow down in the number of mortgages of all types being applied for? Perhaps when we get to the Spring period that is traditionally a time when home movers decide to move we will get a better idea.
If there is a slow down in residential mortgage lending in that period it may be that will be a pattern for the remainder of this year. As a result, we may see lenders feeling the need to introduce more attractive lending packages. We will continue to keep our readers updated with interesting statistics relating to residential mortgage lending periodically in 2018 and beyond.