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September mortgage sales up £1.2bn

Equifax Touchstone analysis of the intermediary marketplace reveals significant growth in the mortgage market with sales up £1.2bn in September, a rise of 8.4% on August. Residential and buy-to-let sales for the month totalled £15.1bn.

September buy-to-let figures jumped by 19.0% to £2.9bn, while residential sales increased by 6.2% to £12.2bn.

Regional performance for the month was mixed; the North West and London topped the list with an increase in sales of 12.7% and 11.7% respectively, while Scotland and Northern Ireland trailed behind with growth of just 1.9% and 0.7% respectively.

Iain Hill, Relationship Manager, at Equifax Touchstone, said: “With unseasonal gains in August and encouraging figures for September, the market is showing positive signs for a strong end to the year. These healthy figures are very welcome, particularly in buy-to-let, where we have seen a number of new market entrants in the last year or so. Although we still have a way to go to get back to the levels of business seen in 2015, the signs are promising. We are watching with great anticipation to see what this year’s unpredictable market will reveal next month.”

The data from Equifax Touchstone, which covers 92% of the intermediated lending market, shows that the average value of a residential mortgage in August was £189,771 (2015: £184,891) and £159,466 for buy-to-let (2015: £157,675).

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