On a non-seasonally adjusted basis, UK Finance data shows that total mortgage lending declined in September but remained higher than in the same month last year.

First-time buyers borrowed £5.1bn, down 11% on the previous month but 4% higher than in September 2016. Home movers borrowed £6.9bn, down 18% on August but 6% higher year-on-year. Home-owner remortgage activity totalled £6.4bn, the same amount as in August but 16% higher than a year ago. Finally, buy-to-let lending totalled £2.9bn, down 9% on August but 4% higher than in September 2016. 

Lea Karasavvas, managing director at Prolific Mortgage Finance, said of the figures: “Both homeowners and landlords took the early hints from Mark Carney so September represents the tail end of the rush to remortgage on low rates while they lasted. However, owner-occupiers and landlords are not on the same page. Homeowners have been grabbing low rates while they can while the response from landlords has been far more muted.

“This demonstrates a sustained shift as many turn their backs on the market. Landlords are waving the white flag after a severe tax bashing from the Treasury over the last two years. This is a statement of intent. Being a landlord is not a hobby, it’s an investment that must pay or it’s simply not worth it.”