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New mortgage lending in prime London areas remains high despite Brexit

Prime London property areas still viewed as 'safe bet' by buyers and lenders

By Maurice Shasha  //  Wed 5th July 2017
Over £17billion in new mortgages was lent to buyers and investors in 2016 to buy property in prime London, despite concerns around Brexit.

More than £17billion in new mortgages was lent to people in 2016 to buy property in more affluent parts of London.

Lenders appear comfortable to continue to lend to those who want to buy in prime London,showing that those areas are still viewed as a 'safe bet' for property investment.

Brexit and the rise in stamp duty on high-end properties and buy-to-let properties has thrown London's prime market into flux, so these results from secured property lending platform, Lendy, are positive.

Wandsworth in south-west London came top of the league table, accounting for £472million of new mortgage lending.

The vast majority of the top 20 areas for new lending last year were in the capital, while Maidenhead had the highest level of lending outside of London.

According to Lendy's findings, typically affluent parts of the capital have maintained their safe haven status, despite ongoing uncertainty surrounding Brexit.

Liam Brooke of Lendy, said: "Lenders have continued to pile into the owner-occupier market, and South London is still their favourite place to lend."

Stamp duty increases have also impacted the prime market, but these figures show that lenders remain happy to lend to buyers and investors who want to purchase property in these areas.

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