Mortgage market continues to disappoint
Equifax Touchstone analysis of the intermediary marketplace shows mortgage sales continue to disappoint for the second consecutive month. Residential and buy-to-let mortgage sales have fallen by 8.4% last month from October, a value decrease of £1.3bn.
Residential mortgage sales took the biggest tumble, dropping by 10.2%. Buy-to-let sales, at £3.5bn, fell 2.6%. Sales in every regional area in the UK were down (see table below) with the North West the hardest hit with a 13.7% decrease in sales. London reported the smallest drop of 5.5%.
However, compared with November 2014, residential sales are up 26.9%, a value of £2.2bn, while buy-to-let sales have risen by a staggering 42.8%, an increase of £1bn.
The data from Equifax Touchstone, which covers 92% of the intermediated lending market, shows that the average value of a residential mortgage in November was £186,166 (November 2014: £173,070) and £162,065 for buy-to-let (November 2014: £146,810).
Iain Hill, Relationship Manager, Equifax Touchstone, says: “Despite the softening market demand we need to remind ourselves that 2015 has been a very good year, with the market significantly ahead of 2014. Looking forward, there has been much speculation about where the market will go in 2016, and the current volatility does not make planning any easier.”
Equifax Touchstone utilises intermediary and customer profiling tools to provide financial services providers with a detailed understanding of their marketplace and client base.