Improved mortgage lending recorded in most parts of the UK in second quarter of 2017
Lending to home buyers improved across the UK in the second quarter of 2017, with mortgages in London bouncing back and in Scotland first time buyers driving the most growth since 2007.
The latest data from UK Finance shows that home buyers borrowed £6.1 billion in London, up 11% quarter on quarter and 17% year on year. They took out 18,000 loans, up 6% compared to the previous quarter and 8% on the second quarter 2016.
First time buyers in London borrowed £3.1 billion, up 10% on the first quarter and 8% on the second quarter of last year, equating to 10,600 loans, up 5% quarter on quarter and 3% year on year.
Home movers borrowed £3 billion, up 11% quarter on quarter and 28% compared to a year ago, some 7,400 loans, up 7% quarter on quarter and 18% compared to the same quarter in 2016.
‘Home buying in London bounced back from the traditionally subdued beginning of the year, with both first time buyer and home mover lending showing growth both on the first quarter of 2017 and on the same period a year ago,’ said Paul Smee, UK Finance head of mortgages.
‘The housing market in Greater London has some unique characteristics compared to the rest of the UK with more first time buyers, but lower overall levels of home ownership. Affordability and the supply of housing remain critical factors to manage for the London market if positive activity is to continue going forward.
Read more: http://www.propertywire.com/news/uk/improved-mortgage-lending-recorded-parts-uk-second-quarter-2017/