According to UK Finance, mortgage lending for February 2018 reached its highest levels since 2007. But what do these figures really mean? Vincent Burch breaks down the numbers.
Of the 50,000 green lit mortgages, 25,200 were for first-time buyers. This is an increase of 2.4% when compared to a year earlier. But this isn't the only figure on the rise.
35,4000 new home owner re-mortgages were completed in February, up 11.3% on the previous year. Indeed, 14,100 buy-to-let mortgages were also completed, a solid 20.5% increase on last February.
Only buy-to-let suffered a slight wobble. Down 8.8% on the previous February, some 5,200 buy-to-let mortgages were completed. When asked about these "stable but subdued" figures, Jackie Bennett, director of mortgages at UK Finance, blamed the "impact of recent legislative and tax changes."
But what about the sudden rise in mortgage lending? "Home buyers have shaken off the winter blues, with house purchases by first-time buyers and home movers reaching their highest levels for February in over a decade. Re-mortgages are also up year-on-year, as home owners look to fix costs amid anticipation of further interest rate rises."
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