The UK’s mortgage market growth is rising steadily, with the first time buyer mortgages completed in July increasing by 5.8% from that same period a year prior.

This is according to figures released by UK Finance, which also revealed that the number of home mover mortgages rose by 1.4% and buy to let mortgages climbed by 5.5% year on year after several years of declines following tax changes.

As PropertyWire reports, in July 2019, there were a total of 20,760 new remortgages with additional borrowing, with the average additional amount borrowed at £55,000.

It was also revealed that new pound for pound remortgages decreased by 12.9% to 20,380. According to UK Finance, a drop in fixed rate mortgages coming to an end and product transfers expanding in popularity had mainly fuelled this.

Additionally, the data revealed that there were 5,800 new buy to let home purchase mortgages completed and 15,100 remortgages in the buy to let sector, increasing by 2% when compared to the same month the year prior.

Richard Pike, Phoebus Software sales and marketing director, said: “It appears that no matter what happens in Westminster, and who can predict what might happen next, that people are still moving or managing to get on the housing ladder.”

Adrian Moloney, sales director at OneSavings Bank, said that buyers are not making use of the wait and see approach anymore.

“This has been helped by mortgage rates remaining as competitive as they have been for some time, alongside high employment and improved earnings. In this market, there are bargains to be had and it seems some are making the most of these now,” he noted.

However, he added that enhancing activity in the market would require a “robust plan”, starting with increased house building. He pointed out that in order to boost activity to its previous levels, the supply/demand issues would have to be tackled.