The only uptick in mortgage lending in March was to first-time buyers, according to the latest figures from UK Finance.
Mortgage lending figures
Gross mortgage lending in March was an estimated £20.5 billion, 2.3% lower than the £21.4 billion a year earlier but 8.3% higher than £18.9 billion recorded in February.
Remortgaging continues to be the strongest area of growth within mortgage lending with 35,400 homeowners refinancing in February - 11.3% more than in the same month a year earlier.
Remortgaging reached a nine-year high in January while the number of first-time buyers and home movers increased compared to the same month the year before.
Nearly three-quarters (74%) of first-time buyers’ mortgage applications via intermediaries went through to completion during the final quarter of 2017.
Gross mortgage lending in January reached an estimated £21.9 billion, 9.7% more than a year earlier when the figure was almost £20 billion, according to UK Finance.
Members of the Association of Short Term Lenders (ASTL) saw completions in the bridging finance sector during the last quarter of 2017 exceed £1 billion.
In 2017 the number of first-time buyers reached its highest level since 2006, according to UK Finance’s latest mortgage trends update. First-time buyer numbers totalled 365,000, an annual increase of 7.4% from 340,000 in 2016. On a monthly basis, the figures for December 2017 saw a fall in mortgage lending to first-time buyers, home movers and buy-to-let purchasers compared to ...
Building societies approved three out of ten (29%) of all new mortgages in 2017, and took 19% of new savings accounts.
Gross mortgage lending in December was an estimated £20.2 billion, 1.2% more than a year earlier, according to UK Finance.