Buy-to-let upturn in June data

The buy-to-let mortgage market enjoyed an upswing in sales in June, with a 3.2% rise, akin to £80 million, creating total sales of £2.6 billion, according to a new report from Equifax Touchstone.

The buy-to-let figures were particularly significant as they were in contrast to overall mortgage sales, which at £16.5 billion, were down by £200 million for the same period, falling 1.2% on May performance.

Northern Ireland and the South Coast outperformed the rest of the UK, with mortgage sales rising by 10.3% and 2.0% respectively, while other areas saw minor falls, Wales was hardest hit with a 3.9% decrease.

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; but there is cautious optimism that healthy sales figures will remain throughout the summer months.”

This information should not be interpreted as financial advice. Mortgage and loan rates are subject to change.

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