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May mortgage sales soar by £3.4bn PDF Print E-mail
Thursday, 22 June 2017
Mortgage sales for the UK increased by £3.4 billion in May, up 25.4% on the previous month, according to Equifax Touchstone analysis of the intermediary marketplace.

Buy-to-let figures jumped 26.1% (£0.55 billion) to £2.7 billion, with residential up 25.2% (£2.88 billion) to £14.3 billion. Overall, mortgage sales for the month grew to £17.0 billion.

Every region across the UK witnessed growth in sales. Northern Ireland experienced the largest increase of 36.3%, followed by the North East (30.1%) and London (28.7%).

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 £17 billion, 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.”

The data from Equifax Touchstone, which covers the majority of the intermediated lending market, shows that the average value of a residential mortgage in May was £200,338 (2016: £194,005) and £155,473 for buy-to-let (2016: £160,729).

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