You are here: Home - News -

August leads buck the summer slowdown

by: Justin Rees
  • 06/09/2011
  • 0
August leads buck the summer slowdown
While August followed July with a distinct lack of sunshine and summer weather, the summer slowdown again failed to materialize, with lead volumes across all mortgage products from first-time buyers to remortgages up from July.

Overall mortgage volumes increased by almost 14% with the most noticeable change an increase of more than 17% for remortgage enquiries.

Remortgages remained the largest proportion of total mortgage enquiries in August, accounting for 56.5% of the market.

The proportion of first-time buyer enquiries fell slightly to just over 20% of enquiries in August.

Homemover enquiries remained steady month-on-month at just under 15% of enquiries, with buy-to-let leads dropping to just over 8% of total enquiries.

Looking into the remortgage market in more detail there are some interesting statistics. Across the UK, the average LTV for remortgage applicants in August was just over 54.5% with an average loan value of £124,300.

Across all remortgage enquiries, over 81% were from prime consumers, with just under 9% sub prime and a further 10% looking to self-certify their incomes.

Looking at regional variations for remortgage enquiries, there were a few more noticeable statistics.

In terms of lead volumes, the most popular areas for remortgage enquiries were the Home Counties with 20.1% of enquiries. Next was the North West with 17.9% of enquiries, followed by the Midlands with 13.7% and then the South West with 11% of enquires.

Looking at average loan values across the UK, unsurprisingly the area with the highest average loan values by a long way was London with an average loan size of over £175,250.

The next highest was the Home Counties with an average loan size of £151,000 followed by the South with £140,000. The region with the lowest loan value was the North West, with an average loan value of £101,800.

Analysing consumer credit grades across the UK, the highest number of prime consumers as a proportion of leads was Northern Ireland, with 85.3% of all remortgage enquiries from prime consumers.

This was followed by the North East with 83% and then the North West with 82.5%.

The area with the most sub prime enquires was the North East, followed by the Midlands and then Scotland.

Justin Rees is director of marketing and partnerships at LeadPoint

There are 0 Comment(s)

You may also be interested in

  • RT @specialistsols: We’re not expecting more lenders to exit, but there may be consolidation – L&G Mortgage Club - Mortgage Solutions https…

Read previous post:
Mortgage products rise 82% in 12 months

The number of mortgage products available to intermediaries rose by 2% in August, with product numbers up 82% since August...

Close