Mortgage News
Broker mortgage market hit £14.1bn in February
Mortgage brokers were responsible for a combined £14.1bn in lending in February, up 23.6% on the previous month, according to Equifax Touchstone.
Its analysis of the intermediary market found residential sales hit £11.8bn and buy-to-let sales £2.3bn last month.
The average value of a residential mortgage in February was £193,078 (compared to £191,757 in 2016) and £152,239 for buy-to-let.
Equifax Touchstone director John Driscoll said: “Following a volatile end to 2016 the mortgage market saw a vast increase in sales last month in every region across the UK.
“As the UK moves towards triggering Article 50 we will watch with great anticipation to see how the market responds, and whether there will be a noticeable impact on mortgage sales.”
North Yorkshire led the way for the highest regional mortgage sales growth in February with a 27.9% increase compared to January, while Scotland and the Midlands followed behind with notable growth of 26.8% and 25.4% respectively.
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The North East saw the lowest growth with 16.2%.