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Regional first-time buyer mortgage activity rises in Q3

  • 28/11/2019
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Regional first-time buyer mortgage activity rises in Q3
First-time buyer mortgage activity increased in London, Wales, Scotland and Northern Ireland in the three months to September compared to the same quarter last year, figures from UK Finance show.

In London, lenders completed 11,510 first-time buyer mortgages in quarter three, a year-on-year rise of 1.3 per cent. While the capital saw the most first-time activity in the third quarter, it experienced the smallest percentage increase across the four regions compared to the same period of the previous year.

In Wales, the number of first-time buyer mortgages grew by 4.1 per cent year-on-year to 4,310 while Northern Ireland saw growth of 6.7 per cent to 2,880. Meanwhile the number of first-time buyer mortgages in Scotland grew by 1.6 per cent to 8,810.

Home mover activity, compared to quarter three 2018, was more subdued.

Wales saw the biggest decrease in the number of home mover mortgages advanced. In Q3 home mover loans fell five per cent year-on-year to 3,980.

The number of home mover mortgages advanced in Northern Ireland and Scotland fell by 2.6 per cent and 1.8 per cent to 1,880 and 9,060 respectively. Despite a small increase in the number of mortgages issued to home movers in the capital, a rise of 0.9 per cent, it failed to surpass activity in Scotland. Some 7,850 mortgages home mover mortgages were issued in London in Q3.

Remortgaging activity varied widely between the four regions.

London saw the largest year-on-year percentage decrease in the number of remortgages advanced by lenders. In Q3, there were 12,530 remortgages, 14.8 per cent fewer than the same quarter in 2018. However, 2018 was a strong year for remortgaging in the capital when in each quarter the number of remortgages exceeded 14,000.

In Wales, there was a 4.6 per cent quarterly rise year-on-year to 5,010. Northern Ireland remortgaging grew in the third quarter by 21.6 per cent to 2,870 and activity and year-on-year Scottish remortgaging activity fell back 0.4 per cent to 8,860.

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