Remortgage sector boosts housing activity in Wales

Posted on Friday, December 8 by Joy Tibbs

Remortgage loans drove overall mortgage lending in Wales during the third quarter of 2017, according to new data from UK Finance.

Remortgage
activity totalled £560 million, up 19% both quarter-on-quarter and year-on-year.

This accounted for 4,700 loans, up 15% compared with the second quarter of 2017 and up 12% compared with a year ago.

Home buyers borrowed £1.17 billion, up 9% quarter-on-quarter and 16% year-on-year. Home buyers took out 8,700 loans, up 7% compared with the previous quarter and 13% compared with the third quarter of 2016.

First-time buyers borrowed £510 million, up 4% during the second quarter and 13% during the third quarter of 2016. First-time buying accounted for 4,400 loans, up 5% quarter-on-quarter and 13% year-on-year.

Home movers borrowed £660 million, up 14% quarter-on-quarter and 18% year-on-year. Home buying accounted for 4,300 loans, up 10% quarter-on-quarter and year-on-year.

Julie-Ann Haines, chair of UK Finance’s Wales mortgage committee, said: “Lending for house purchase is growing strongly, and is now at its highest level for a decade. Help to Buy Wales has made a positive contribution to the housing market, and we look forward to the Welsh government announcing its plans for the scheme in future. 

“In the last quarter, remortgaging also increased significantly, as borrowers took the opportunity to lock into historically low borrowing rates ahead of the widely anticipated increase in base rate earlier this month.”

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