Growth spurt in £500k+ mortgages falters

The usual holiday dip is partly to blame, but the heat has come off the unusually high levels of activity seen earlier this year, says Knight Frank Finance. It reports the number of £500k+ mortgage completions rose by 122% in July but growth has slowed to a 2.9% rise in applications over the three months to the end of the month. "The year-on-year growth in mortgage volumes at 122% is flattered by the fact that the market was only beginning to recover in July last year from its record low position a few months earlier," says Simon Gammon, head of Knight Frank Finance. "The more crit...