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New figures published by the Council of Mortgage Lenders have shown a monthly reduction in UK remortgage activity was witnessed in February 2016.
According to the CML`s latest Regulated Mortgage Survey, remortgage activity in the UK totalled £4.8 billion in February this year, which represents a 17 per cent reduction from the preceding month`s data.
However, it was not all bad news for the sector, as this value of the market was actually far greater than that seen during February last year, with annual growth of 37 per cent year-on-year.
Furthermore, the total volume of remortgage loans saw significant fluctuation during the month, with a 15 per cent drop from January 2016, but an annual increase of 24 per cent in comparison to a February a year ago.
Overall, a total of 23,700 loans for remortgage were recorded in February this year.
Responding to this latest result for the UK mortgage sector, the director general of the CML stated: `In 2016, there have been substantial increases in house purchase and remortgage activity year-on-year. `
`This reflects the sluggish market in early 2015, perhaps driven by election uncertainties.`
However, he added that the CML does `not expect activity to show such strong year-on-year growth later in the year`.
In other sectors, the CML`s data revealed positive results all round for the value and volume of homeowner borrowing for house purchases, with a total of £8.7 billion in loans recorded in February.
This represented a four per cent upturn from January this year and was also a 21 per cent uptick in the market year-on-year.
In total, 48,000 loans of this type were recorded by the CML, representing a four per cent monthly increase in the market`s size, as well as 12 per cent annual growth.
First-time buyer activity was also generally strong during the month, with a three per cent rise in the market from January this year and 21 per cent growth from February 2016.
Meanwhile, the home movers segment saw monthly growth of four per cent and an annual increase of one-fifth (20 per cent) in total market value.
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