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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Latest Comments

MBM Homelets
MBM Homelets 23 Mar 2017

Although this is a very positive step, there is little or no guarantee of the standard of workmanship employed by the tenants. We have had experience of a professionally decorated property being ' painted'...

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ajay
ajay 21 Mar 2017

How is the "robust evidence" looking now?

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NathanG
NathanG 20 Mar 2017

I've been watching the series so far and am completely baffled by the cases that were presented. Though, I don't think that we can protect ourselves from every scam possible - it will just make the scammers...

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Landlady14
Landlady14 01 Mar 2017

You would think so Niraj Shah! My experience only proves that there are varying qualitiers of professional in all aspects of property letting. None of the ones I have dealt with, from letting agents to...

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Mark
Mark 01 Mar 2017

Thanks for this article. Hopefully one day everybody's lifestyle will be eco-sustainable.

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Ben Taylor
Ben Taylor 28 Feb 2017

I was convinced that London was the most expensive!

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Alan Read
Alan Read 28 Feb 2017

Australia are leading the way in this I think. The trouble with Britain is we don't get enough sun to make use of solar power.

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James Powell
James Powell 27 Feb 2017

This is a very good news.

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DanHumphreys
DanHumphreys 27 Feb 2017

It sounds like a good idea. Anything to help the younger generation get a foothold.

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Matt
Matt 20 Feb 2017

Is this fake news?

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Matthew Hollywood
Matthew Hollywood 07 Feb 2017

Matthew Hollywood - Director Mishon Mackay Land & New Homes - Brighton The shortage of New Homes is in part effected by the lack of land sales. Land sales are held back because there is a disparity between...

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CommercialTrust 30 Jan 2017

Hi Graham, Would be interesting to see the above figure calculated against an investment via a Lt Company /SPV structure and if the investor found themselves pushed in to the higher tax bracket. Mortgage...

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