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Number of London remortgagors hits eight-year high

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Written by: Christina Hoghton
22/02/2018
First-time buyer mortgage lending was flat in the capital at the end of last year, but the number of switchers rose sharply.

There were 14,500 new homeowner remortgages in London completed in the fourth quarter of 2017 according to UK Finance, 9.8% more than in the same quarter a year earlier and the highest level in eight years.

These deals totalled £4.41bn of remortgaging in the fourth quarter – a significant 16.4% more than the year before.

First-time buyer lending didn’t see the same boost, with 10,700 new first-time buyer mortgages completed in London in the fourth quarter of 2017, a similar number  recorded in the same period in 2016.

The average first-time buyer in the capital is 32 and has an income of £66,000.

Moving on up

The average home mover in the capital is 37 and has an income of £89,000 – and they are increasing in number.

There were 7,700 new home mover mortgages completed in the capital in the last quarter of 2017, 8.5% up on 2016. The £3.07bn of new lending in the quarter was 12.5% more year-on-year.

Director of mortgages at UK Finance, 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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