UK Finance publishes Regional Lending Trends Update for Q4 2018
Industry News | 28/02/19
First-time buyer mortgages in Northern Ireland have reached a 14-year high, according to the latest UK Finance Regional Lending Trends Update published today. There were 11.5 per cent more first-time buyer mortgages completed in Northern Ireland in the fourth quarter of 2018 than in the same quarter of 2017. First-time buyer mortgages in Wales have also reached a 12-year high, with growth aided by initiatives such as Help to Buy.
Meanwhile, in Scotland remortgaging was at a seven-year high, driven by a number of fixed-rate loans coming to an end and customers locking into attractive deals. This is also the case for London which reached its highest level of remortgaging in a decade.
Commenting on the data for London, Jackie Bennett, Director of Mortgages at UK Finance said:”Remortgaging in London reached its highest level in a decade last year, as customers locked into competitive deals and a large number of fixed-rate loans came to an end. First-time buyer numbers increased for the third year running in 2018, despite a sluggish first quarter. However, affordability remains a challenge for many potential buyers in the capital, underlining the importance of schemes such as Help to Buy.”