New analysis from Equifax Touchstone has revealed that mortgage sales exceeded all expectations in February as residential and buy-to-let sales totaled Â£16.6bn, an increase of 39.0% on January (+ Â£4.7bn).
Buy-to-let sales rocketed by 40.3% (+£1.2bn) on January while residential sales were up 38.6% (+£3.5bn). The year-on-year increase for buy-to-let and residential sales stood at 52.9% and 30.4% respectively.
Sales figures jumped in every regional area, with London taking the lead, rising by 50.6% on January. The rest of the country closely followed with the North West, Scotland and Northern Ireland all increasing by over 40% and all other regions growing in excess of 30%.
The data from Equifax Touchstone, which covers 92% of the intermediated lending market, shows that the average value of a residential mortgage in February was £192,568 (2015: £177,067), and £157,491 for buy-to-let (2015: £151,014).
Iain Hill, Relationship Manager, Equifax Touchstone, says: “With the impending changes in stamp duty on buy-to-let property, we expected buy-to-let sales to jump in February. However, the residential figures have taken many market participants by surprise, also rising sharply and resulting in the highest month for mortgage sales since the 2008 market crash. We expect sales volumes to remain strong in March, and it will be interesting to see if the market can cope with the inevitable pressures that come with the increased demand.”