Combined, residential and buy-to-let sales for the intermediated market totalled £6.4bn
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%).
The data from Equifax Touchstone, which covers 92% of the intermediated lending market, shows that the average value of a residential mortgage in May was £194,404 (2015: £184,110), and £162,047 for buy-to-let (2015: £156,228).
Iain Hill, relationship manager, at Equifax Touchstone, said: “We are pleased to see the market has passed through the buy-to-let turmoil witnessed in the first quarter of the year and returned to steady growth. However, strong growth across both buy-to-let and residential sales has thrown June’s performance into sharp focus.
“Indicators are there that the current political environment and uncertainly could have a negative impact on sales. As the scale and longevity of this impact is still unclear, we will be closely watching the markets response to the outcome of the EU referendum.”
Equifax Touchstone utilises intermediary and customer profiling tools to provide financial services providers with a detailed understanding of their marketplace and client base.
