UK mortgage sales were up by 25.4% in May, having risen by £3.4bn compared to the month before.
According to the latest figures from Equifax Touchstone, buy to let mortgage sales grew to £2.7bn, rising 26.1%, while residential figures were up 25.2% hitting £14.3bn. In total, May’s mortgage sales came to £17bn.
The average value of a residential mortgage has also grown, with Equifax Touchstone reporting May’s figure as being £200,338, compared to £194,005 the year before.
The average value of a buy to let mortgage saw a slight decline, dropping from £160,729 in May 2016 to £155,473 in May this year.
Growth in mortgage sales was witnessed across the whole of the UK. Northern Ireland saw the greatest rise at 36.3%, followed by the North East and London, rising by 30.1% and 28.7% respectively. Wales experienced the weakest growth at 19.9%, while the South East came in slightly higher at 21.4%.
Commenting on the news, John Driscoll, director at Equifax Touchstone said: “Following weak figures last month, prompted by government intervention to cool buy-to-let property sales and election uncertainty, mortgage sales have rebounded in quite spectacular fashion, hitting a monthly high for 2017 of £17bn, with every single region experiencing notable growth.
“The outlook for the market however remains murky as issues such as political uncertainty linger; but we could see this sales boost continue into the summer months.”
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