Welsh mortgage market holds steady in Q3

Michael Lloyd

November 21, 2018

The Welsh mortgage market saw 4,300 homemover mortgages completed in Q3 2018, the same as in Q3 2017, UK Finance’s Mortgage Trends in Wales data has found.

The average Welsh homemover is 39 and has a gross household income of £48,000.

There were 4,900 new Welsh homeowner remortgages completed in Q3, some 2.1% up year-on-year.

Julie-Ann Haines, chair of UK Finance’s Wales Mortgage Committee, said: “The Welsh mortgage market has remained steady, with overall house purchases broadly in line with the same period last year.

“Remortgaging has continued to grow as many fixed rate loans mature and homeowners take advantage of a competitive market to lock into attractive deals.

“The number of first-time buyers is down slightly amid ongoing economic uncertainty, while the buy-to-let market has also softened due to the impact of recent tax changes.

“However, the overall picture of the market is consistent with the last couple of years and it would appear that this trend is set to continue in the short term.”

There were 4,300 new first-time buyer mortgages completed in Wales in the third quarter of 2018, some 2.3% fewer than in the same quarter of 2017.

The average Welsh first-time buyer is 29 and has a gross household income of £35,000.

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