Although the housing market is showing few signs of igniting following the election slowdown, there is at least some good news from a mortgage consultancy which shows significant increases in lending during May.
Analysis from Equifax Touchstone shows that both residential owner occupier borrowing (totalling £11.1 billion) and buy to let borrowing (at £3.4 billion) in May were higher than in April, with increases of 2.0 and 7.8 per cent respectively.
This is a combined 3.3 per cent increase in mortgage sales volumes month-on-month. The average value of each mortgage in May was £183,454 for residential owner occupier (up from £176,361 in May 2014) and £155,916 for buy-to-let (a small rise on the May 2014 figure of £152,936).
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Good to see a boost in the figures. But again it looks like the BTL sector is the big winner, something which doesn't help the thousands of young people who are struggling to save for a deposit - tomorrow's budget will certainly be interesting for property I think.
It's clear to see that this unlocking of the pension pot has created a major boost in the amount of BTL mortgages which are being processed. Agreed Tim, tomorrow should certainly clear things up and let the property industry know where they stand, particularly on the heavily contested BTL tax breaks.
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