London’s mortgage market remains competitive, with strong growth in the number of home movers and remortgaging reaching an eight-year high, according to UK Finance.
There were 10,700 new first-time buyer mortgages completed in London in the fourth quarter of 2017, equivalent to the same quarter of 2016. The £3.05bn of new lending was 2.7 per cent more year-on-year. The average first-time buyer in the capital is 32 and has an income of £66,000.
Latest data has also shown that there were 7,700 new home mover mortgages completed in London in the fourth quarter of 2017, some 8.5 per cent more than in the same quarter of 2016. The £3.07bn of new lending in the quarter was 12.5 per cent more year-on-year. The average home mover in the capital is 37 and has an income of £89,000.
Furthermore, there were 14,500 new homeowner remortgages in London completed in the fourth quarter, some 9.8 per cent more than in the same quarter a year earlier. The £4.41bn of remortgaging in the fourth quarter was 16.4 per cent more year-on-year.
Commenting on the data, UK Finance director of mortgages Jackie Bennett said: “London’s mortgage market remains competitive, with strong growth in the number of home movers and remortgaging reaching an eight-year high.
“However, subdued growth in the number of first-time buyers shows that affordability remains a challenge in the capital.
“Help to Buy can support first-time buyers when purchasing new build homes, and it will be important for the government to clarify its plans for the future of this scheme well before it ends in 2021.”
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