The Bank of England has just released some interesting mortgage lending figures, relating to the last 3 months of 2017, and Kathryn Doogue, Director at the property specialists Kirkham Legal comments:
“The overall amount lent in this three month period was some £69.1 billion, which is a healthy 10% increase on the same period in the preceding year, which shows that despite there being some concern about the housing market slowing down it is in fact performing strongly. The only part of the market that is showing a significant downturn is the Buy-to- Let market which has a 12.7% share of the mortgage market in this period, down from 14.4% and 16.3% in 2015 and 2016, which is understandable as the changes in Stamp Duty and mortgage interest relief start to kick in. First time buyers accounted for 21.1% of the amount lent, which is a significant market share and shows that the number of favourable low interest mortgages that are available are obviously helping, coupled with the available number of small properties on the market which otherwise have been snapped up by Landlords.Existing owners selling up and buying new properties accounted for 64.5% of the market, which has always traditionally accounted for the largest market share. Another interesting fact is that from all of the mortgages taken out, 29.7% were remortgages which shows that many people are keeping a close eye on their personal finances and moving to new mortgage providers once their existing mortgage term expires and they get switched to their current Lender’s Standard Variable Rate, which we applaud as this should provide savings which make the remortgaging process worthwhile.”
If you need any advice on remortgaging, buying or selling property either as a Landlord, first-time buyer or experienced property owner then please do not hesitate to contact our team on 0161 393 2297.
Our Practice Licence Number is 11250.