Figures from the UK Finance Regional Mortgage Trends report has revealed an interesting upsurge in the number of First-time buyer (FTB) mortgages. In fact, according to the report the number of FTB mortgages increased throughout every region in the UK during Q2 2019.
FTB mortgages
According to the report for Q2 2019:
- 9,960 new FTB mortgages were completed in London, which is a 1.2% increase year-on-year.
- 9,160 new FTB mortgages were completed in Scotland, which is a 3.5% increase year-on-year. It’s also the biggest number of FTB mortgages in the area since 2017.
- In the same quarter last year, Wales saw a 6.3% increase.
- 2,810 new FTB mortgages were completed in Northern Ireland, which is a 4.1% increase year-on-year.
New home mover mortgages
The report also highlighted statistics regarding those moving house:
- New home mover mortgages have declined in the capital year-on-year, with a 3% decrease. There was 13,030 completed in London in Q2, which was a 9.5% yearly decline following a strong period of remortgaging during 2018.
- There was a sharp increase in new homeowner mortgages in Northern Ireland, with a year-on-year increase of 16.5%.
- Wales had a 7.7% increase of new homeowner mortgages, while Wales had an increase of 15.3%.
These regional stats certainly highlight how London can significantly impact the national figures. While the capital has seen a dip in remortgaging and home mover mortgages; Scotland, Wales and Northern Ireland’s figures have increased across the board compared to 2018. Either way, increased activity can only be good news for the housing market despite the uncertain times ahead with Brexit.
Whether you’re a first-time buyer or considering a remortgage, our expert team at TaylorMade are here to help you every step of the way. We’ll work through the mortgage market to find the best deal for your individual circumstances, looking at everything from interest rates to any cashback offers.
Please, get in touch with us today on 0345 305 2540 or at info@taylormade-finance.co.uk
