Mortgage sales for the UK decreased by £200 million in June, down
1.2% on the previous month, according to Equifax Touchstone analysis
of the intermediary marketplace.
Buy-to-let figures bucked the general trend, rising by 3.2% (£80
million) to £2.6 billion, while residential sales contracted by 2.0%
(£280 million) to £13.9 billion. Overall, mortgage sales for the month
totalled £16.5 billion.
Most regions across the UK witnessed slight dips in sales apart from
Northern Ireland and the South Coast where mortgage sales rose by
10.3% and 2.0% respectively. Wales saw the largest decrease in sales
(-3.9%) followed by the Home Counties (-2.7%) and the North West (-2.6%).
Total mortgage sales growth
North and Yorkshire
John Driscoll, Director at Equifax Touchstone, said: “Although there
has been a slight drop off in sales for June, these figures show how
robust the mortgage market remains during a period of continued
uncertainty. The ongoing low interest rate environment coupled with
low levels of unemployment are keeping the market steady for the time
being, limiting more severe impact from political volatility.
“The long-term outlook for the market remains unclear as issues
such as the weakened Conservative government play out; but there is
cautious optimism that healthy sales figures will remain throughout
the summer months.”
The data from Equifax Touchstone, which covers the majority of
the intermediated lending market, shows that the average value of a
residential mortgage in June was £200,089 (2016: £191,218) and
£157,091 for buy-to-let (2016: £160,849).
Equifax Touchstone utilises intermediary and customer profiling
tools to provide financial services providers with a detailed
understanding of their marketplace and client base.