Q1 remortgage activity surges in London

The latest Mortgage Trends in London data from UK Finance has shown that, while FTB and homemover mortgages were down in Q1, remortgage activity was at its highest since 2008.

Related topics:  Mortgages
Amy Loddington
23rd May 2018
House money pound price growth

There were 9,800 new first-time buyer mortgages completed in London in the first quarter of 2018, some 3 per cent fewer than in the same quarter of 2017. The £2.8bn of new lending was the same year-on-year. The average first-time buyer in the capital is 31 and has a gross household income of £66,000.

There were 6,600 new homemover mortgages completed in London in the first three months of 2018, some 4.3 per cent fewer than in the same quarter of 2017. The £2.68bn of new lending in the quarter was 1.5 per cent down year-on-year. The average homemover in the capital is 37 and has a gross household income of £90,000.

There were 15,300 new homeowner remortgages in London completed in the first quarter, some 4.1 per cent more than in the same period a year earlier. The £4.67bn of remortgaging in the first quarter was 7.6 per cent more year-on-year.

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

"Remortgaging activity is at its highest since the end of 2008, as Londoners continue to benefit from low rates and a competitive marketplace.

"The market for first-time buyers and homemovers was subdued at the start of 2018, compared to the strong growth seen for the last few years, however affordability has improved slightly, which is good news for those homebuyers transacting.

More like this
Latest from Property Reporter
Latest from Protection Reporter
CLOSE
Subscribe
to our newsletter

Join a community of over 30,000 intermediaries and keep up-to-date with industry news and upcoming events via our newsletter.