This is likely a result of the stamp duty holiday coming to an end and a behavioural shift coming out of the pandemic where this type of mortgage saw an increase.
First-time buyer mortgages have instead remained resilient, with data showing these mortgage completions to be c.5 percent higher than pre-pandemic levels – despite growing affordability pressures.
Cash transitions are high, with activity remaining broadly stable at c.35 percent, which Mr Gardner says is “partly a reflection of an ageing population”, where more people own their homes outright.
Buy-to-let purchases involving a mortgage have also increased since pre-pandemic times.
Mr Gardner said: “Sentiment is likely buoyed by the fact that rental demand remains strong, with upward pressure on rents, which may be encouraging landlords to enter the market, particularly if they view property as a hedge against inflation.”
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