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|London leads the way with highest mortgage sales growth in November|
|Friday, 16 December 2016|
London has stormed ahead with the highest regional mortgage sales growth in November, according to Equifax Touchstone analysis of the intermediary marketplace.
The capital showed the strongest regional performance with a 7.3% increase in mortgage sales, while the South Coast and South East followed behind with notable growth of 2.9% and 2.7% respectively. Northern Ireland saw the biggest slump at -6.0%.
Buy-to-let mortgage sales for the month jumped 7.8% to £3.0 billion while residential figures for November remained the same for the second consecutive month, at £12.2 billion.
When comparing January to November 2016 to January to November 2015, there has been an overall increase in total mortgage sales of 9.0% (£1.2 billion).
Iain Hill, Relationship Manager, at Equifax Touchstone, said: “Buy-to-let sales have recovered from the drop last month, suggesting that the market is becoming steadier following a few volatile months. After a lacklustre performance in October, it’s promising to see London mortgage volumes picking up, and that, combined with the South Coast and South East regional performance, there are strong signs of positive growth in the south of the UK.
“As we move towards the festive period, and with the end of 2016 around the corner, we watch with great anticipation to see how the market will conclude what has been a very uncertain and volatile year.”
The data from Equifax Touchstone, which covers the majority of the intermediated lending market, shows that the average value of a residential mortgage in November was £191,387 (2015: £186,630) and £163,958 for buy-to-let (2015: £160,653).
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