Mortgage lending slows ahead of Brexit…

Cash and monopoly pieces

Activity in the UK mortgage market slowed in September, figures from the industry show.

A total of 29,400 mortgages were completed for first-time buyers during the month – exactly the same number of completed home loans for movers, trade body UK Finance said.

That was a drop of 4.5% compared to the same month a year ago among first-time buyers – who had an average age of 30.

It was an 8.4% fall in the total of homemover mortgage completions compared with September 2017. Their average age was 39.

UK Finance, which represents the major banks and lenders, said affordability was still a major issue in the South East of England.

Analysts said the current political and economic climate was key to people delaying a house purchase or move.

“This is likely to continue into the spring, until we pass the Brexit deadline in March, by which point some of that pent-up demand may be released and the market could well pick up,” said Mark Harris, chief executive of mortgage broker SPF Private Clients.