24/08/2019Mortgaged Property Transactions Increasing Outside London

Posted on Wednesday, August 21, 2019

Mortgage completions for first-time buyers grew in the UK between April-July 2019.

Lender data from banking trade body UK Finance showed that over 9,000 new first-time buyer mortgages completed in Scotland in the second quarter of 2019, up 3.5% annually and the highest amount since mid 2017. 

Wales had the largest growth in first-time buyer mortgages during the second quarter, up 6.3% annually to 4,080.

Additionally, there were 3,650 new home mover mortgages in Wales in the second quarter of 2019, 1.7% more than in the same quarter in 2018.

Northern Ireland registered a 4.1% annual increase in mortgages for first-time buyers to 2,810 and home mover  completions were up 4.7% to 1,780.

However, it wasn’t such a good quarter if you were a home mover in London.

There was a 1.2% increase of first time buyer mortgages in London to in excess of 9,500, however home movers saw a 3% annual decline..

It follows UK Finance data that showed the mortgage market was down annually during June.

John Phillips, national operations director at Just Mortgages and Spicerhaart, said: “I think this shows two things: firstly, it reveals just how much London impacts the national figures, and that when you take the capital out of the stats, it is a very different picture.

“Secondly, it shows that perhaps it is not all doom and gloom as we have been led to believe over the past few months. When looked at on a quarterly basis – which you could argue reveals more of a longer term trend than monthly figures – activity is actually increasing, and that is great news for the housing market.”