London house purchase lending comes out of seasonal dip

by Aaron Strutt

Aug 26 2015

House purchase activity in Greater London came out of the traditional seasonal dip to show growth in the second quarter by volume and value. But levels were still down compared to the same quarter last year. 

First-time buyer activity saw similar trends with an increase in levels on the first quarter of the year.

Paul Smee, director general of the Council of Mortgage Lenders, commented: “As in the UK overall, the London market came out of the usual seasonal dip in the first few months of the year and saw increased activity; but volumes are still down on the same period last year.

“Remortgage activity has shown quarterly and year-on-year growth after a period of stagnation. Borrowers appear to be taking advantage of competitive mortgage rates, ahead of a potential future interest rate rise.”