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July mortgage lending defies seasonal expectations

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  • 19/08/2015
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July mortgage lending defies seasonal expectations
Intermediary market analysis showed July has bucked the trend for a mortgage activity summer slowdown with £16.4bn of lending, almost £4bn more than 2014.

Analysis from Equifax showed month-on-month growth at a low level of 0.17%. However, buy to let lending was up by 42.5% against last year, hitting £3.9bn in July. Residential mortgage lending for the month was £12.6bn, a 28.3% increase on July 2014, with lending overall up by 31.3% in the last 12 months.

The Equifax Touchstone data covers 92% of the intermediated lending market and shows that the average value of a residential mortgage in July was £186,440 against £174,148 in 2014 and £160,234 for buy-to-let.

Iain Hill, relationship manager, Equifax Touchstone, said: “Growth in lending in 2015 has been stellar. We should not be disappointed by the relatively low increase month-on-month; it’s positive to see growth during the traditionally quiet summer months and the continued buoyancy in the market gives a great base to build on as the year progresses.”

Equifax Touchstone utilises intermediary and customer profiling tools to provide financial services providers with a detailed understanding of their marketplace and client base.

Meanwhile, data from LSL showed a 13% boost in property sales in July, driven by the North of England with transaction numbers up 29% against Q1.

House prices continued to rise in every region of England and Wales. East Anglia led the way with prices growing 6.3% in the last year followed by the South East and East Midlands, where prices increased by 5.9%.

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