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Peter Hun

Equifax: Mortgage Sales Down 15.7% Post-Brexit

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Mortgage sales fell 15.7% (£2.5bn) in the month following the EU referendum as confidence in the property market waned, according to the latest analysis from Equifax Touchstone.

The referencing firm said year-on-year, sales are down 16.6% (£2.7bn) with resi sales down 15.8% (£2.1bn) on June, while buy-to-let sales dropped by 15.2% (£0.4bn). Year-on-year residential sales were down 9.7% (£1.2bn) while buy-to-let sales tumbled by 39.1% (£1.5bn).

Every regional area apart from the North West (-7.6%) showed a double-digit decline, with Northern Ireland (-28.7%) and Scotland (-21.5%) showing the sharpest falls. London dropped by -13.5%.

Regional area Total mortgage sales in July
Northern Ireland – 28.7% Scotland -21.5% Home Counties -18.9% South Coast -17.5% South West -16.5% Midlands -15.1% South East -14.2% London -13.5% North East -12.8% North and Yorkshire -12.5% Wales -10.1% North West -7.6%

The data from Equifax Touchstone, which covers 92% of the intermediated lending market, shows that the average value for buy-to-let mortgages is also down year-on-year, falling from £160,203 to £157,195. The average value of residential mortgages in July was £188,053 compared to £186,897 in July 2015.

http://www.mortgageintroducer.com/70967-2/#.V7y2rTUYvUh

Edited by Peter Hun

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"Year-on-year residential sales were down 9.7% (£1.2bn) while buy-to-let sales tumbled by 39.1% (£1.5bn)."

There is clearly a mixture of post-Brexit but also the aftermath of the April 2nd home stamp duty changes. How much is a new norm and how much is the balancing out of the March rush remains to be seen.

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