UK Finance reports August activity pick-up

Published on

UK Finance has stated that first-time buyers borrowed £5.7 billion in August, 16% more than in July and 12% more than in August 2016. They took out 34,400 mortgages, 14% up on the preceding month and 9% more year-on-year.

Home movers borrowed £8.4 billion, 18% more than in July and 20% more than in August last year. This equated to 38,500 loans, up 17% on July and 13% on August 2016.

Meanwhile, remortgaging by home owners totalled £6.4 billion, 4% less than in July but 8% more than in August 2016. The number of people remortgaging totalled 36,700, down 1% on July but 5% higher than a year ago.

In addition, buy-to-let lending totalled £3.1 billion, down 3% on July 2017 and the same as in August last year. This equated to 20,400 mortgages, the same as in July but 4% more than in August last year.

June Deasy, UK Finance’s head of mortgages policy, said: “Activity picked up in August, and recent resilience ensured that borrowing by home movers was at its highest since March 2016, when transactions were boosted by an imminent increase in stamp duty.

“Over the last 12 months, the number of people remortaging has been higher than in any period since late 2009. With mortgage rates close to historic lows and the likelihood of a rise in official rates moving closer, the popularity of remortgaging looks set to continue.”

Latest POLL

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Spring surge in property listings creates market opportunities

The average asking price for newly listed properties has risen by 1.1% (+£3,876) this...

Secure Trust Bank Commercial Finance appoints senior portfolio director

Secure Trust Bank Commercial Finance (STB CF) has announced the appointment of Carl Pykett...

Inflation expectations rise slightly as BoE releases latest survey

Public expectations for inflation and interest rates have edged higher, according to the Bank...

£1 billion lost annually as 50,000 London social homes used fraudulently

A shocking new report reveals that around 50,000 social housing properties in London are...

Other news

Spring surge in property listings creates market opportunities

The average asking price for newly listed properties has risen by 1.1% (+£3,876) this...

Secure Trust Bank Commercial Finance appoints senior portfolio director

Secure Trust Bank Commercial Finance (STB CF) has announced the appointment of Carl Pykett...

Inflation expectations rise slightly as BoE releases latest survey

Public expectations for inflation and interest rates have edged higher, according to the Bank...