Brendan Burgess
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Press statement from the IBF
Over 12,000 mortgages drawn down during the second quarter of 2009
Although down by some 64% year on year, the volume of new lending in the second quarter (Q2) of 2009 is up 15.4% compared to the previous quarter – reflecting the seasonal pattern of stronger mortgage lending in the second quarter of the year. The following are among the key features of the Q2 2009 data.
“While the overall level of mortgage activity continues to reflect the very challenging economic environment, it is reassuring to see that those focused principally on home purchase, first-time buyers and mover purchasers, now have a record share of the total market – albeit a smaller market. By contrast, the investment end of the market continues to show the greatest decline.”
Over 12,000 mortgages drawn down during the second quarter of 2009
- Q2 shows seasonal pick-up over Q1
- First-time buyers account for 1 in 4 of all new mortgages
- Home purchaser segments increase market share
Although down by some 64% year on year, the volume of new lending in the second quarter (Q2) of 2009 is up 15.4% compared to the previous quarter – reflecting the seasonal pattern of stronger mortgage lending in the second quarter of the year. The following are among the key features of the Q2 2009 data.
- First-time buyers (FTBs) now account for 1 in 4 of all new mortgages issued. With a 25% share of the overall market by volume, they have consistently increased their market share over each of the last six quarters.
- The key home purchaser segments of the market – FTBs and Mover Purchasers – together now make up 60% of the total market by value.
- The Residential Investment Letting market continues to decline and is the only segment not to record a quarter on quarter increase.
“While the overall level of mortgage activity continues to reflect the very challenging economic environment, it is reassuring to see that those focused principally on home purchase, first-time buyers and mover purchasers, now have a record share of the total market – albeit a smaller market. By contrast, the investment end of the market continues to show the greatest decline.”