Market Watch

Home buyers borrowed £127.7bn in 2016. This came to 698,900 loans, up 3 per cent on 2015.

First-time buyers borrowed £53.2bn for home-owner house purchase in 2016, up 13 per cent on 2015.They borrowed more in 2016 than any other year since Council of Mortgage Lenders records began in 1974.

Remortgaging activity also reached consequential levels after the Bank of England’s decision to lower interest rates in August, with activity up 14 per cent by volume and 20 per cent by value compared to 2015.The number of remortgage loans was at a peak since 2009.

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