Key data highlights:

  • There were 4,300 new first-time buyer mortgages completed in Wales in the third quarter of 2018, some 2.3 per cent fewer than in the same quarter of 2017. The £0.52bn of new lending was the same year-on-year. The average Welsh first-time buyer is 29 and has a gross household income of £35,000.
  • There were 4,300 new homemover mortgages completed in Wales in the third quarter of 2018, some the same as in the same quarter of 2017. The £0.68bn of new lending in the quarter was 3 per cent more year-on-year. 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 the third quarter, some 2.1 per cent more than in the same quarter a year earlier. The £0.61bn of remortgaging in the third quarter was 8.9 per cent more year-on-year.

Commenting on the data, 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 existing 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.”

Notes to Editor

  1. For more information please call the UK Finance press office on 020 7416 6750 or mail press@ukfinance.org.uk.
  2. UK Finance is the trade association formed on 1 July 2017 to represent the banking and finance industry operating in the UK. It represents more than 250 firms in the UK providing credit, banking, markets and payment-related services. The organisation brings together most of the activities previously carried out by the Asset Based Finance Association, the British Bankers’ Association, the Council of Mortgage Lenders, Financial Fraud Action UK, Payments UK and the UK Cards Association.
  3. The data shown is estimates grossed up from the sample of lenders reporting to reflect total market size, based on total market volumes of Mortgage Product volumes of Mortgage Product Sales Data published by the FCA. Our historical figures are subject to revision as and when the FCA makes revisions to the market totals. The average figures shown are medians, as this tends to better represent the position of the typical borrower. Affordability calculations are based on median averages of calculations for individual transactions. Capital & interest payment calculations only include mortgages taken out on a full capital and interest repayment basis and are calculated based on the reported repayment term, interest rate, loan amount and income for each transaction.
  4. The income for a first time buyer is calculated on the basis of gross household income (the sum of occupants living in a household – joint or single).
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Welsh mortgage market remains steady in third quarter of 2018