London remortgaging activity reaches nine-year high as house purchase activity slows

Written by Adam Cadle
22/08/2018

A total 15,200 new homeowner remortgages in London were completed in Q2 2018, some 16.9% more than in the same quarter a year earlier, according to latest figures by UK Finance

The £4.84bn of remortgaging in the second quarter was 23.2 per cent more year-on-year.

There were 6,800 new homeowner mortgages completed in London in the second quarter of 2018, some 8.1 per cent fewer than in the same quarter of 2017.

The £2.77bn of new lending in the quarter was 8.6% down year-on-year. The average homemover in the capital is 37 and has a gross household income of £92,000.

Statistics showed 10,300 new first-time buyer mortgages completed in London in the second quarter of 2018, some 3.7 per cent fewer than in same quarter of 2017.

The £3.04bn of new lending was 1.9% down year-on-year. The average first-time buyer is 32 and has a gross household income of £68,000.

UK Finance director of mortgages Jackie Bennett said:​ “Remortgaging in London reached its highest level in nine years in the second quarter of this year, as homeowners locked into competitive deals amid anticipation of the recent base rate rise.

"House purchase activity has slowed slightly, with affordability remaining a challenge for many would-be borrowers. This underlines the need for clarity over the future of the Help to Buy scheme after 2021."

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