Gross mortgage lending for June 2019 stands at £21.9bn
According to the Household Finance Update from UK Finance, Gross mortgage lending across the residential market in June 2019 was £21.9bn, 4.0 per cent lower than the same month in 2018.
- The number of mortgages for home purchase approved by the main high street banks in June 2019 was 2.9 per cent higher than in the same month in 2018.
- Remortgage approvals were 1.4 per cent lower and approvals for other secured borrowing were 5.3 per cent lower than the same month a year earlier.
- There were 32,760 new first-time buyer mortgages completed in June 2019, 1.5 per cent fewer than in the same month in 2018. There were 31,000 home mover mortgages completed in June 2019, 3.6 per cent fewer than in the same month a year earlier.
- There were 16,880 new remortgages with additional borrowing in June 2019, 8.3 per cent more than in the same month in 2018.
- There were 5,300 new buy-to-let home purchase mortgages completed in June 2019, 3.6 per cent fewer than this time last year. There were 12,500 remortgages in the buy-to-let sector, 0.8 per cent fewer than the same month in 2018.
Positive Broker Influence
In the LMS Monthly Remortgage Snapshot, it is reported that 67% of borrowers picked a remortgage product because it had been recommended by a broker. This positive figure reflects the importance of brokers in the modern remortgage market and highlights the value of qualified advice.
Henry Knight, Managing Director of Springtide Capital commented:
“In using a mortgage broker, you will receive an expert opinion on which is the best mortgage for you in terms of the interest rate and the likelihood of your application being accepted. This expertise will save significant time and offers an in depth understanding of the whole market”
UK Finance released their Annual ranking of mortgage lenders by outstanding balances and gross lending
- The Office of National Statistics reported that the Consumer Prices Index including owner occupiers’ housing costs (CPIH) 12-month inflation rate was 1.9% in June 2019, unchanged from May 2019.
- The Consumer Prices Index (CPI) 12-month rate was 2.0% in June 2019, unchanged from May 2019.
Only minor changes month on month in the UK housing market according to Nationwide figures:
- Annual house price growth remained subdued at 0.5% in June
- Modest 0.1% price rise during the month, after taking account of seasonal factors.
- Annual price falls persist in London and the South East
- Average Price (not seasonally adjusted) £216,515
Commenting on the figures, Robert Gardner, Nationwide’s Chief Economist, said:
“Survey data suggests that new buyer enquiries and consumer confidence have remained subdued in recent months. Nevertheless, indicators of housing market activity, such as the number of mortgages approved for house purchase, have remained broadly stable”