Buy-to-let mortgage sales on road to recovery
Equifax Touchstone analysis has revealed buy-to-let mortgage sales in May rose for the first time since February’s rush, indicating the market is settling following recent changes to stamp duty. Sales were up 3.9% from April; a total of £2.7bn. However, year-on-year figures were down by 20% (£0.7bn).
Residential mortgage sales flourished during the month, reaching new highs not seen since 2008. Sales exceeded £13bn, up 4.4% (£0.5bn) on the previous month. Year-on-year also saw strong growth as sales increased by 18.4% (£2.0bn).
Combined, residential and buy-to-let sales for the intermediated market totalled £6.4bn, up 4.3%from April. Every region in the UK reported growth; Northern Ireland led the way with an uplift of 14.3%, followed by Scotland (9.9%), the South Coast (6.5%) and Home Counties (5.7%).