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Mortgage borrowing is on the rise as more people move back into their homes.

Mortgage borrowing is on the rise as more people move back into their homes.

Home movers accounted for a record proportion of mortgage borrowing in the first three months of the year, as demand for real estate was dominated by them.

According to the Financial Conduct Authority (FCA), this group received 42 percent of overall mortgage lending, the highest proportion since comparable statistics began in 2007.

According to the regulator, this is up from 27% of lending a year ago.

In comparison, the share of loans for first-time buyers increased by only two percentage points during the same time period.

The housing market in the United Kingdom has been booming this year, with potential buyers vying for available properties.

This demand has not been met by supply, resulting in price increases.

Despite the pandemic, official statistics show that they have been expanding at their quickest rate in over a decade. The FCA reports that total gross mortgage lending in the first three months of this year was £83 billion, up 26.5 percent from the same period last year.

The data reveals that home movers are receiving an increasing share of home loans, while the fraction of owners who are remortgaging has dropped dramatically, falling by 14 percentage points to its lowest level since 2007.

Part of the reason for this tendency is the scramble for space among home movers, who are looking for larger homes in which to live and work after rethinking their priorities during the shutdown.

Drop a mail to andy@harveybowes.com to get a quote for your home loan or check out the facebook pages of UK Smart Property, and Andy Coghlan Harvey Bowes.

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