London remortgage figures rise in Q3

24th November 2016

Home buyers in London took out 19,200 loans, worth £6.2 billion during the third quarter, a 12% rise compared with the second quarter but down 16% compared with the same quarter in 2015. The value of these loans was up 15% compared with the previous quarter but down 14% compared with the third quarter of 2015.

Remortgage activity in London totalled £4.4 billion, up 5% compared with the second quarter and 24% compared with the same quarter a year ago. This came to 14,500 loans, up 3% quarter-on-quarter and 15% compared to the third quarter 2015.

Home buyers in London took out 19,200 loans, worth £6.2 billion, a 12% rise compared with the second quarter but down 16% compared with the same quarter in 2015. The value of these loans was up 15% compared with the previous quarter but down 14% compared with the third quarter of 2015.

First-time buyers borrowed £3.1 billion, up 7% on the second quarter but down 5% compared with the third quarter last year. This equated to 11,300 loans, up 7% quarter-on-quarter but down 9% year-on-year.

Home movers borrowed £3.1 billion, up 25% on the second quarter but down 22% compared with the same period year ago. This equated to 7,900 loans, up 20% quarter-on-quarter but down 25% on the third quarter of 2015.

Paul Smee, director general of the CML, commented: “There have been quarter-on-quarter increases in the number of loans for house purchase and remortgage, but the number of first-time buyers and home movers has decreased when compared to the same period in 2015.

“This is the first quarterly data after the EU referendum but it is unlikely to be very reliable as an early indicator of how the market in London will be affected.

“It does not appear that there will be drastic change in activity for the foreseeable future in a London market which has been stable for several years.”


*2 year fixed with TSB 1.09% then 3.59% - APRC is 3.3% Max LTV is 60%. Quoted on 27th May 2020.