New figures from Equifax Touchstone have suggested there has been a rebound in the buy-to-let sector, with monthly sales in November rising 10.8% (equating £334.1m) and residential figures increasing by 2.5% (£303.3m).
According to the data, total mortgage sales in the UK rose by 4.1% (£637.4 million) in November and year-on-year sales were up 3.0% (£470.1 million).
The majority of regions across the UK witnessed positive sales growth in November. Wales led the way with a rise of 9.9%, followed by the South East (8.0%) and the Midlands (7.5%).
The North West and London were the only regions to see a drop in sales, falling by 2.3% and 2.6% respectively.
John Driscoll, Director at Equifax Touchstone, said: “Mortgage sales in the UK have once again remained strong. Buy-to-let figures in particular have continued to gain momentum, enjoying positive growth for a fourth consecutive month, a trend we expect will continue given increasing difficulty in getting on the housing ladder and the subsequent increase in demand for rental properties.
As we approach the end of the year, the outlook for the market remains unclear. The full impact of the recent rate hike on sales is yet to be fully felt and even the abolition of stamp duty for first time buyers announced in November’s budget was not received as wholly positive; some within the industry believe house prices may actually rise as a result, which could negatively affect mortgage sales.”