Summer slowdown fails to appear

Mortgage Solutions

Summer didn’t really turn up in July, unfortunately, but the good news for lead buyers was that the usual summer slowdown didn’t materialise either, with tens of thousands of consumers going online looking for mortgage advice.

While overall mortgage volumes remained pretty much constant in July, the most noticeable change over the last month was a surge in first-time buyer enquiries which were up to just under 22% of all mortgage enquiries in July.

Remortgages were still the largest proportion of total mortgage enquiries accounting for just under 55% of all mortgage leads traded.

Homemover enquiries also saw a month-on-month increase to just under 15% of enquiries, with buy-to-let leads reversing a few months of rises by dropping to under 9% of total enquiries.

Despite the drop in the number of buy-to-let enquiries, there has been a strong increase in the demand for these leads.

Across the UK, the average LTV for buy-to-let applicants in July just under 68%, with an average loan value of £115,500.

Across all buy-to-let enquiries, more than 80% were from prime consumers, with just under 3% sub prime and a further 16% looking to self-certify their incomes.

Regionally, the most popular area for buy-to-let leads, in terms of volume, was the Home Counties, with 22.6% of enquiries. Next was the North West, with 16.4% of enquiries, followed by the Midlands with 14.4% and then the South West with 11.2% of enquires.

Looking at average loan values across the UK, unsurprisingly the area with the highest average loan by a long way was London, at more than £183,000.

This was followed by the Home Counties, with an average loan size of £145,000 and then the South, at £120,000. The region with the lowest loan values was the North West at £89,400.

Analysing consumer credit grades across the UK, the highest number of prime consumers as a proportion of leads was the North East, with 85.5% of all buy-to-let enquiries from prime consumers, followed by the Scotland and then the North West with 84%.

The area with the most sub-prime enquires was the North West, followed by the South and then East Anglia.

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