February mortgage sales at highest for 8 years

February mortgage sales at highest for 8 years

New analysis from Equifax Touchstone has revealed that mortgage sales exceeded all expectations in February as residential and buy-to-let sales totaled £16.6bn, an increase of 39.0% on January (+ £4.7bn).

Buy-to-let sales rocketed by 40.3% (+£1.2bn) on January while residential sales were up 38.6% (+£3.5bn). The year-on-year increase for buy-to-let and residential sales stood at 52.9% and 30.4% respectively.

Sales figures jumped in every regional area, with London taking the lead, rising by 50.6% on January. The rest of the country closely followed with the North West, Scotland and Northern Ireland all increasing by over 40% and all other regions growing in excess of 30%.

Regional area

Total mortgage sales growth in February

London

50.6%

Scotland

44.5%

North West

43.1%

Northern Ireland

40.2%

North and Yorkshire

39.0%

North East

38.6%

South West

38.2%

Home Counties

37.5%

South Coast

35.4%

Wales

35.0%

Midlands

34.8%

South East

32.1%


The data from Equifax Touchstone, which covers 92% of the intermediated lending market, shows that the average value of a residential mortgage in February was £192,568 (2015: £177,067), and £157,491 for buy-to-let (2015: £151,014).

Iain Hill, Relationship Manager, Equifax Touchstone, says: “With the impending changes in stamp duty on buy-to-let property, we expected buy-to-let sales to jump in February. However, the residential figures have taken many market participants by surprise, also rising sharply and resulting in the highest month for mortgage sales since the 2008 market crash. We expect sales volumes to remain strong in March, and it will be interesting to see if the market can cope with the inevitable pressures that come with the increased demand.”

Equifax Touchstone utilises intermediary and customer profiling tools to provide financial services providers with a detailed understanding of their marketplace and client base.

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Tom Allen
Tom Allen 20 Sep 2017

Absolutely agree with you!

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RyanGeo
RyanGeo 18 Sep 2017

A sharp correction would be a less dramatic expression to use. That is already underway in certain sectors in Reading where I practice as Chartered Surveyor

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sean benton
sean benton 01 Sep 2017

Identity theft is a thread for any profession. So,people should stay alarmed. I once take help from a letting agent and came to know that letting agents are taking every precaution to prevent fraudulent...

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Mark N.
Mark N. 30 Aug 2017

We have seen a surge in instructions over August and that should continue into September too.

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Chris
Chris 30 Aug 2017

Unfortunately, all the legislation bears its force on Landlords and ignores, naively, the effect of Rogue Tenants on the ability of landlords to keep houses in repair and offer properties for rent at reasonable...

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Christian Donovan
Christian Donovan 18 Aug 2017

The write-down on house values, combined with the fall in the GBP saddled the fund?s property portfolio with a 1.4% loss in the second quarter. The shocking amount of $240 million.

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Samantha Goodman
Samantha Goodman 11 Aug 2017

Interesting point of view.

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Samantha Goodman
Samantha Goodman 11 Aug 2017

It depends on the people, some older adults decide to make a long-distance move in order to live closer to their children or settle in a place with a lower cost of living.

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brandonlee10
brandonlee10 24 Jul 2017

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IrisJ.
IrisJ. 19 Jul 2017

Great advice, but may I also add that when buying an already built home, make sure you do all of the proper inspections. Most importantly pest inspection because people tend to get surprised when they

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IrisJ.
IrisJ. 17 Jul 2017

The third point is, in my opinion, the most important one. People have become too inconsiderate and careless when it comes to rented properties. If a landlord wants to protect their property, regular visits...

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cornishalan
cornishalan 10 Jul 2017

Added to the cost of purchasing these village properties are the above average maintenance costs. Particularly where the property is a listed building or requires specialist building skills such as thatching...

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