The UK housing market is moving along with vigor according to the latest financial data.  First time buyers remain a solid group of purchasers.  Remortgage activity also remains constant.  Mortgage lending to July was 25% higher this year by volume compared with last year at more than £4.5bn.

Value of home purchase lending shot up by more than 30% year on year.  Remortgaging is running along at a constant rate, although not nearly as strong as overall mortgage lending.  Remortgage lending fell short by 5% to July compared with last year.

Jeremy Duncombe, director at Legal and General Mortgage Club, commented on the current state of the UK housing market, saying: “For many existing mortgage borrowers remortgaging needs to be high on the agenda.

“Whilst it is encouraging to see lending to first time buyers increase, there is a rate rise around the corner and so we would expect to see remortgage volumes rising too.”

Duncombe added: “Attractive deals may now be coming to an end and borrowers should move quickly to secure the best rates.”

Paul Smee, director general of the CML, commented on the market as well, saying: “The market has shown steady growth in house purchase and Buy-to-let over the past few months with general improvements in economic factors across the UK allowing for more people to enter the property market.

"There have been many factors over the past year that could have caused disruption but the market has remained resilient and lenders have shown themselves adaptable to all this change.”