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Mortgage sales increase by £1.1bn in October

October mortgage sales in the UK rose by 7.3% (£1.1bn) on September, according to Equifax Touchstone analysis of the intermediary marketplace. Year-on-year sales were up 5.4% (£0.8bn).

Buy-to-let sales for the month jumped 12.6% (£358.3m) on September. Residential figures were also up, increasing 6.0% (£701.8m) on the previous month.

All regions across the UK saw positive sales growth in October. Wales led the way with a rise of 14.1%, followed by the South West which recorded a monthly increase of 10.3%. Northern Ireland and Scotland trailed behind other parts of the UK, with small increases in sales for both regions of 0.4%. 

Region                                     Total mortgage sales growth 
Wales                                        14.1%
South West                             10.3%
North and Yorkshire            9.1%
North East                               9.1%
Home Counties                     8.2%
London                                    7.7%
Midlands                                 7.0%
North West                            6.0%
South Coast                          4.7%
South East                             3.7%
Northern Ireland                0.4%
Scotland                                0.4%

John Driscoll, Director at Equifax Touchstone, said: “Mortgage sales in the UK have remained strong once again, with buy to let sales in particular enjoying positive growth for the third consecutive month, despite ongoing political uncertainty.  

“The outlook for the market remains murky as the fallout from the recent rate hike on sales remains to be seen. However, if rumours of a stamp duty cut becomes a reality in tomorrow’s Budget, this will generate positive sentiment among prospective buyers and could offset any negative effects from the rate increase. ”       

The data from Equifax Touchstone, which covers the majority of the intermediated lending market, shows that the average value of a residential mortgage in October was £196,112 (2016: £191,307) and £153,197 for buy-to-let (2016: £160,339).