The mortgage sector accounts for 71% of the £250bn worth of property sold

According to the latest research by Revolution Brokers, £251 billion worth of properties have sold across England. The mortgage sector accounts for 71% of these properties

Research shows the average monthly level of mortgage-backed transactions falling 33% since December of last year. 

Although the property sector has been impacted by the base rate increase, the latest finding from Revolution Brokers show this has not deterred buyers from backing mortgages.

Homes sold in the last year across England

Across England, 919,936 homes have been sold over the past 12 months. 630,688 of these have been facilitated by mortgages, as these account for a considerable £177.4 billion. That is the equivalent of 70.7% of the total market. 

76% of the £44.9bn worth of property to be sold have come via mortgage-backed homebuyers in London. In the West Midlands, this accounts for 71.7%, East of England (71.5%) and North West (70.7%). 

In contrast, the South West has the lowest proportion of total market value accounted for by the mortgage sector. 

At local authority level, the mortgage sector accounts for 86.5% of the total market value of homes sold in Barking and Dagenham.

Some of the highest levels of the total market value being driven by mortgage buyers were seen across Lewisham (84.9%), Slough (84.7%) and Harlow (83.5%).

Founding director of Revolution Brokers, Almas Uddin, commented: “Against what is becoming an increasingly worrying economic backdrop, a decline in mortgage market activity is always going to follow a string of interest rate increases, as buyers act with a greater degree of caution when entering the market. 

 But make no mistake about it, even with a further increase by the Bank of England on the way, the sector remains the engine room of the nation’s property market and will continue to fuel the vast majority of transactions that continue to push forward.”