Mortgage sales were down by £200m in June and down 1.2% on the previous month, according to Equifax Touchstone analysis of the intermediary marketplace.
Buy-to-let figures bucked the general trend, rising by 3.2% (£80m) to £2.6bn, while residential sales contracted by 2.0% (£280m) to £13.9bn. Overall, mortgage sales for the month totalled £16.5bn.
Most regions across the UK witnessed slight dips in sales apart from Northern Ireland and the South Coast where mortgage sales rose by 10.3% and 2.0% respectively. Wales saw the largest decrease in sales (-3.9%) followed by the Home Counties (-2.7%) and the North West (-2.6%).
John Driscoll, director at Equifax Touchstone, said: “Although there has been a slight drop off in sales for June, these figures show how robust the mortgage market remains during a period of continued uncertainty. The ongoing low interest rate environment coupled with low levels of unemployment are keeping the market steady for the time being, limiting a more severe impact from political volatility.
“The long-term outlook for the market remains unclear as issues such as the weakened Conservative government play out; but there is cautious optimism that healthy sales figures will remain throughout the summer months.”
The data from Equifax Touchstone, which covers the majority of the intermediated lending market, shows that the average value of a residential mortgage in June was £200,089 (2016: £191,218) and £157,091 for buy-to-let (2016: £160,849).