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.”
ANY PROPERTY USED AS SECURITY, WHICH MAY INCLUDE YOUR HOME, MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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