You are here: Home - Mortgages - Remortgage - News -

Number of London remortgagors hits eight-year high

0
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.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Autumn Statement: Everything you need to know at a glance

Yesterday Chancellor Jeremy Hunt made his first fiscal statement in the role, outlining a range of tax measure...

End of Help to Buy: 10 alternatives for first-time buyers

The deadline for Help to Buy Equity Loan applications passed on 31 October. If you’re a first-time buyer who...

Moving to an energy prepayment meter: Everything you need to know

As households struggle with the soaring cost of energy, tens of thousands of billpayers are expected to move o...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week