First-time buyer (FTB) mortgages increased in every UK region during Q2 2019, according to the latest UK Finance Regional Mortgage Trends report.
There were 9,960 new FTB mortgages completed in the capital, which is a 1.2% year-on-year increase.
Scotland saw 9,160 new FTB mortgages in Q2 which is a 3.5% year-on-year increase and the highest volume since 2017, with Wales seeing a 6.3% increase on the same quarter in 2018.
Northern Ireland saw a 4.1% year-on-year increase in new FTB mortgages with 2,810 completed.
Scotland saw the most new homemover mortgages with 9,290 which is a 6.4% year-on-year increase.
London was the only region to see a decline in new homemover mortgages year-on-year with a 3% decrease.
New homeowner mortgages saw a jump in Northern Ireland with a year-on-year increase of 16.5%, whilst Wales and Scotland saw yearly increases of 7.7% and 15.3% respectively.
A total of 13,030 new homeowner mortgages were completed in the capital in Q2, which was a 9.5% yearly decline following a strong period of remortgaging during 2018.
John Phillips, national operations director at Just Mortgages and Spicerhaart, said of the figures: “Last week, UK Finance’s Mortgage Trends Report revealed that remortgaging fell, first-time buyer mortgages were down and homemover mortgages were down across the UK.
“However, UK Finances Regional Lending Report paints a different picture.
“The regional stats reveal that compared to Q2 2018, first-time buyer mortgages are up in every region.
“While London has seen remortgaging and homemover mortgages fall, in Wales, Scotland and Northern Ireland there have been increases across the board compared to last year.
“I think this shows two things; firstly, it reveals just how much London impacts the national figures, and that when you take the capital out of the stats, it is a very different picture.
“Secondly, it shows that perhaps it is not all doom and gloom as we have been led to believe over the past few months.
“When looked at on a quarterly basis – which you could argue reveals more of a longer term trend than monthly figures – activity is actually increasing, and that is great news for the housing market.”