Credit, Collections & Insolvency News
UK Finance has published its Q1 2019 figures for mortgage lending in Scotland, Wales, Northern Ireland, and London, which highlight steady growth across the regions.
In Northern Ireland both the first-time buyer and remortgaging markets saw major improvements, in line with previous quarters. There were 2,440 new first-time buyer mortgages completed in Northern Ireland in the first quarter of 2019, 11.4 per cent more than in the same quarter in 2018, and 2,820 new homeowner remortgages, the highest level for ten years and a year-on-year rise of 24.8 per cent.
Remortgaging in Scotland reached a decade-high of 9,670, an 18.8 per cent year-on-year rise, as homeowners lock into attractive new deals, while first-time buyers are also up at 4.5 per cent. Meanwhile, in London there were 9,410 new first-time buyer mortgages, a steady growth of 1.6 per cent on Q1 2018, while the mortgage market remains steady in Wales with small incremental increases in all three segments.
Trends covering member mortgage lending in regions of the UK. Data is shown for first-time buyers and homeowners, house purchase and remortgaging, with affordability measures in the residential mortgage markets of London, Scotland, Wales and Northern Ireland.
LONDON
There were 9,410 new first-time buyer mortgages completed in London in the first quarter of 2019, 1.6 per cent more than in the same quarter in 2018. Additionally, there were 5,980 new homemover mortgages completed in London in the first quarter of 2019, 3.7 per cent fewer than in the same quarter in 2018.
There were 14,170 new homeowner remortgages completed in London in the first quarter of 2019, 1.3 per cent fewer than in the same quarter in 2018. This follows a period of strong growth in remortgaging in London during 2018.
NORTHERN IRELAND
There were 2,440 new first-time buyer mortgages completed in Northern Ireland in the first quarter of 2019, 11.4 per cent more than in the same quarter in 2018. Additionally, there were 1,490 new homemover mortgages completed in Northern Ireland in the first quarter of 2019, 0.7 per cent fewer than in the same quarter in 2018.
There were 2,820 new homeowner remortgages completed in Northern Ireland in the first quarter of 2019, 24.8 per cent more than in the same quarter in 2018. This is the highest level of remortgaging in Northern Ireland since Q1 2009, when 3,280 remortgages were completed.
SCOTLAND
There were 6,760 new first-time buyer mortgages completed in Scotland in the first quarter of 2019, 4.5 per cent more than in the same quarter in 2018. Additionally, there were 6,620 new homemover mortgages completed in Scotland in the first quarter of 2019, 6.6 per cent more than in the same quarter in 2018.
There were 9,670 new homeowner remortgages completed in Scotland in the first quarter of 2019, 18.8 per cent more than in the same quarter in 2018. This is the highest volume of remortgaging in Scotland in a decade, when 9,850 remortgages were completed in the third quarter of 2009.
WALES
There were 3,450 new first-time buyer mortgages completed in Wales in the first quarter of 2019, 1.2 per cent more than in the same quarter in 2018. Additionally, there were 3,140 new homemover mortgages completed in Wales in the first quarter of 2019, 1 per cent more than in the same quarter in 2018.
There were 4,810 new homeowner remortgages completed in Wales in the first quarter of 2019, 0.2 per cent fewer than in the same quarter in 2018. This follows a period of strong growth in remortgaging in Wales during 2018.