Home buyers borrowed £6.74bn for house purchase in the third quarter of 2017 in London, up 10% quarter-on-quarter and 13% year-on-year.
They took out 19,600 loans, up nine per cent compared to the previous quarter and six per cent on the third quarter of 2016.
First-time buyers borrowed £3.31bn, up 7% on the second quarter and 9% on the third quarter of last year. This equated to 11,200 loans, up 6% quarter-on-quarter and 3% year-on-year.
Home movers borrowed £3.44bn, up 14% quarter-on-quarter and 17% compared to a year ago. This equated to 8,400 loans, up 14% quarter-on-quarter and 11% compared to the same quarter in 2016.
Remortgaging activity totalled £4.49bn, up 15% on the second quarter and 4% compared to the same quarter last year. This came to 14,500 loans, up 12% quarter-on-quarter and 3% compared to a year ago.
UK Finance’s head of mortgage policy June Deasy said: “Affordability remains challenging in London, but borrowing by first-time buyers grew strongly in the third quarter and reached its highest level for a decade.
“Borrowing by home movers grew even more strongly, but remained below its recent peak in the first quarter of 2016, when activity was boosted by the impending increase in stamp duty. Remortgaging was also robust as London borrowers sought to lock into historically low borrowing rates ahead of the widely anticipated increase in base rate.”
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