UK Finance

The latest data and analysis from UK Finance has shown that house purchase lending was higher in August 2017 than in both the preceding month and a year earlier.

According to the report, first-time buyers borrowed £5.7 billion in August - a 16% increase on the previous month and 12% more than in August 2016.

Between them they took out 34,400 mortgages. This is 14% up on the preceding month and 9% more year-on-year. Home movers borrowed £8.4 billion, 18% more than in July and 20% more than in August last year. This equated to 38,500 loans, up 17% on July and 13% on August 2016.

Remortgaging by home owners totalled £6.4 billion, 4% down against July but 8% more than a year earlier.

Buy-to-let lending totalled £3.1 billion, down 3% on July 2017 and the same as in August last year. This equated to 20,400 mortgages, the same as in July but 4% more than in August last year.