You are here: Home - News -

FTB activity strong across UK but London market cools – CML

by:
  • 24/05/2017
  • 0
FTB activity strong across UK but London market cools – CML
First time buyer activity increased year on year in every UK country except England as a fall in London buyers took its toll on overall figures.

Latest figures from the Council of Mortgage Lenders (CML) show the number of first time buyers in Q1 2017 was up in Scotland, Wales and Northern Ireland by 23%, 13% and 19%  respectively. However, in England first-time buyer activity fell by 8% year on year.

The fall in new buyers is a result of cooling activity in the London market where the number of first timer buyer loans in Q1 was down 3% on the previous year.

With London excluded from England’s figures the number of first time buyers is actually up by 10.8% year on year.

Paul Smee, director general of the CML, said: “Home buyer activity in London has fallen for the second quarter in a row. A traditional seasonal dip in activity in the winter months is expected, but it has been more pronounced in London compared to the UK overall as persisting supply and affordability issues continue exerting some restraint on growth. We do expect activity will pick up as we go into the summer months.

“By contrast, remortgage activity was at an eight-year high in London. Attractive mortgage deals aided by low interest rates appear to have sparked a resurgence in activity that has seen consecutive growth year-on-year every quarter for three year.”

Remortgage activity in Scotland totalled £940m, up 9% on the fourth quarter and 21% on the same quarter last year. Wales saw remortgage activity climb by 9% on the fourth quarter and 21% on the same quarter last year to £510m while Northern Ireland saw the total amount of remortgages unchanged on the fourth quarter at £200m, but up 18% on the same quarter last year.

There are 1 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.

Profiles

Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.

Marketwatch

Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.

Poll

Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.

Read previous post:
Estate agent jailed for theft and dishonesty

An estate agent has been sentenced to more than three years after admitting stealing £92,000 from tenants and landlords.

Close