Home owner mortgage market worth £180 billion in 2017

01 Jul 2018

Home owner mortgage market shows strong growth in 2017 but the outlook is subdued

Existing home owners borrowed a total of just under £180 billion in 2017 secured on their homes. The amount borrowed rose by almost 11% in 2017, mainly reflecting a sharp rise in remortgaging and lifetime mortgage activity, with the number of mortgages advances growing by almost 9%.

Prospects for home owner mortgages in 2018 are not so bright

Growth in 2018 will be much lower than that of 2017 as the UK economy sees slower growth, with the level of new advances expected to rise by almost 5% and the number of mortgages by almost 4%. In 2018, it is estimated that for the first time since the worse of the financial crisis ended in 2009, the amount of money advanced for remortgaging will exceed the amount for house purchase.

And the coming years will not see a rapid advance in the home owner mortgage market

Between 2017 and 2022, the number of mortgages taken out will rise by around 22%, while the value of new advances will rise by over 30%. This indicates a modest level of growth with the number of mortgages taken out rising at an annual average rate of just 4% per year

In addition to the market size and trends, this report looks at the structure of the market for mortgages to existing home owners, discusses the drivers of demand, the factors changing how the market operates and key developments with the market. It also looks at the main mortgage providers. The report is a sister publication to two recently produced reports, Buy-to-Let Mortgages and First-Time Buyer Mortgages.

The report (40pp, PDF), is available directly from IRN Research, priced at £250. UK sterling price is plus VAT so total price is £300.


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Related reports

First-time Buyer Mortgages 2018

Buy-to-let Mortgages 2018


IRN Team

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