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Latest mortgage figures reveal a soft market

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The latest Mortgage Trends Update from UK Finance reveals that the mortgage market is softening, with a decrease in the number of completed mortgages in September 2018 across the first time buyer, buy to let, home mover and remortgage sectors, compared to the same month last year.

The data highlighted how, in September:

  • 29,400 new first time buyer mortgages completed in the month – 4.5% less than in the same month 2017;
  • 29,400 new homemover mortgages completed - 8.4% less than in the same month a year earlier;
  • 35,600 new homeowner remortgages completed in the month - 0.6% fewer than in September 2017;
  • 5,200 new buy to let home purchase mortgages completed in the month - down 18.8% on the same month last year:
  • 12,300 new buy to let remortgages completed in the month - 0.8% fewer than in the same month a year earlier. 

The study also found that:

  • the average first time buyer is 30 and has a gross household income of £42,000;
  • the average home mover is 39 and has a gross household income of £56,000.

A spokesperson from the banking and finance trade association commented                                              “Overall remortgaging for both residential and buy to let properties have levelled out after a period of strong growth. This reflects the number of fixed rate loans reaching maturity.

“Buy to let home purchases have eased again in September, suggesting lending in this market remains subdued as a result of recent tax, regulatory and legislative changes. 

“Demand for house purchases for both first time buyers and homemovers has also lessened, as affordability constraints continue to bear down on consumer demand for new loans particularly in London and the South East”.