UK Finance has today published its figures on regional lending trends for the UK mortgage market in 2017 Q4. The figures reveal that in both Scotland and Northern Ireland, the number of first-time buyers and remortgagers have reached their highest levels for a decade. Meanwhile, the Welsh mortgage market continues to grow at a steady rate, with the number of mortgages for first-time buyers growing at twice the rate of the UK.
In London, the number of remortgages has reached an eight-year high, but there has been subdued growth in the number of first-time buyers. Jackie Bennett. Director, Mortgages at UK Finance, said “Help to Buy can support first-time buyers when purchasing new build homes, and it will be important for the government to clarify its plans for the future of this scheme well before it ends in 2021.”
Key data highlights:
- There were 10,700 new first-time buyer mortgages completed in London in the fourth quarter of 2017, equivalent to the same quarter of 2016. The £3.05bn of new lending was 2.7 per cent more year-on-year. The average first-time buyer in the capital is 32 and has an income of £66,000.
- There were 7,700 new home mover mortgages completed in London in the fourth quarter of 2017, some 8.5 per cent more than in the same quarter of 2016. The £3.07bn of new lending in the quarter was 12.5 per cent more year-on-year. The average home mover in the capital is 37 and has an income of £89,000.
- There were 14,500 new homeowner remortgages in London completed in the fourth quarter, some 9.8 per cent more than in the same quarter a year earlier. The £4.41bn of remortgaging in the fourth quarter was 16.4 per cent more year-on-year.
- There were 8,800 new first-time buyer mortgages completed in Scotland in the fourth quarter of 2017, some 3.5 per cent more than in the same quarter of 2016. The £1.01bn of new lending was 9.8 per cent more year-on-year. The average Scottish first-time buyer is 29 and has an income of £35,000.
- There were 9,100 new home mover mortgages completed in Scotland in the fourth quarter of 2017, some 8.3 per cent more than in the same quarter of 2016. The £1.41bn of new lending in the quarter was 8.5 per cent more year-on-year. The average Scottish home mover is 39 and has an income of £51,000.
- There were 8,600 new Scottish homeowner remortgages completed in the fourth quarter, some 17.8 per cent more than in the same quarter a year earlier. The £1.05bn of remortgaging in the fourth quarter was 18 per cent more year-on-year.
- There were 4,800 new first-time buyer mortgages completed in Wales in the fourth quarter of 2017, some 14.3 per cent more than in the same quarter of 2016. The £0.56bn of new lending was 16.7 per cent more year-on-year. The average Welsh first-time buyer is 29 and has an income of £34,000.
- There were 4,400 new home mover mortgages completed in Wales in the fourth quarter of 2017, some 10 per cent more than in the same quarter of 2016. The £0.66bn of new lending in the quarter was 11.9 per cent more year-on-year. The average Welsh home mover is 40 and has an income of £46,000.
- There were 4,600 new Welsh homeowner remortgages completed in the fourth quarter, some 9.5 per cent more than in the same quarter a year earlier. The £0.54bn of remortgaging in the fourth quarter was 12.5 per cent more year-on-year.
- There were 2,700 new first-time buyer mortgages completed in Northern Ireland in the fourth quarter of 2017, some 17.4 per cent more than in the same quarter of 2016. The £0.27bn of new lending was 22.7 per cent more year-on-year. The average Northern Ireland first-time buyer is 30 and has an income of £33,000.
- There were 1,900 new home mover mortgages completed in Northern Ireland in the fourth quarter of 2017, an 18.8 per cent increase compared to the same quarter of 2016. The £0.23bn of new lending in the quarter was 21.1 per cent more year-on-year. The average Northern Ireland home mover is 39 and has an income of £45,000.
- There were 2,300 new homeowner remortgages in Northern Ireland completed in the fourth quarter, some 21.1 per cent more than in the same quarter a year earlier. The £0.24bn of remortgaging in the fourth quarter was 20 per cent more year-on-year.
- The number of first time buyers and remortgages in Northern Ireland in 2017 reached a ten-year high. There were 9,700 first-time buyers in 2017, up 20% on the previous year. There were 8,600 remortgages in 2017, up 15% on the previous year.
