Things are on the up this month; up, in fact, to record levels. The amount that people want to borrow on their mortgage has increased by 5.13%, raising the average borrowing amount up to a record £141,845, the highest figure since Leadbay started tracking borrowing requests five years ago.

This amount was swayed hugely by London, where the average borrowing amount was just a few pounds off £222,000; this was also higher than any amount seen in London before. London contrasted greatly with the rest of the country, as outside of the southern and eastern regions, the highest borrowing amount requested was no more than £118,000, and even the highest average borrowing outside of London was some way short at £177,000. The lowest average amounts in Wales and Scotland were just £108,600 and £109,500 respectively.

The good news is that every region saw increases in loan sizes, from a 1% rise in Wales up to 6.2% in the South Central region.

The number of borrowers was also on the rise again, after falling over the last two months, because of Easter and the natural decline in borrower numbers which occurs every year after the New Year surge. The number of people asking for advice in May actually increased by 8.75%, taking borrower numbers back to the levels they were in March before Easter; we expect this to continue throughout June before falling back slightly again in July and August when the holiday season kicks in.

Borrower numbers were not the same across the country, however. These fluctuated quite significantly from region to region, ranging from a 17% rise in borrowers in London down to a 6.9% drop in Northern Ireland and Scotland.

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These are quite significant figures for mortgage advisers working in London as not only have the number of borrowers looking for advice increased but with such enhanced borrowing amounts, mortgage advisers in London should see their incomes rising notably.

Interestingly, it was the North, Scotland and Wales that saw a fall in the number of borrowers asking for advice. The North East still provides the highest number of borrowers in the country, closely followed by the Midlands and the North West, which together provide more than 38% of all mortgage enquiries.

Lead prices remained static, with the average mortgage lead costing £12.36. This is still 12% lower than the price of leads last year, so with an increased amount of lending, mortgage advisers should see a larger return on their investment in leads.

Overall, it is a positive picture. with rising borrowing and more people looking for advice on their mortgage transactions. The Election does not appear to have had a significant effect, so, unless something changes drastically with the emergency budget, look for more positive signs of recovery in the mortgage market over the coming months.

Grant Stevens is managing director of Leadbay

Scotland
Av. mortgage: £131,169
Av. lead price: £13.89
Market share: 7.43%

North East
Av. mortgage: £109,514
Av. lead price: £12.50
Market share: 13.30%

N. Ireland
Av. mortgage: £115,048
Av. lead price: £10.67
Market share: 2.02%

Midlands
Av. mortgage: £117,019
Av. lead price: £12.75
Market share: 12.92%

North West
Av. mortgage: £117,907
Av. lead price: £13.08
Market share: 12.12%

East Anglia
Av. mortgage: £148,463
Av. lead price: £12.69
Market share: 11.68%

Wales
Av. mortgage: £108,631
Av. lead price: £11.46
Market share: 4.94%

London
Av. mortgage: £221,971
Av. lead price: £11.32
Market share: 9.63%

South Central
Av. mortgage: £177,176
Av. lead price: £11.73
Market share: 10.87%

South West
Av. mortgage: £133,911
Av. lead price: £12.16
Market share: 8.52%

South East
Av. mortgage: £173,216
Av. lead price: £9.80
Market share: 11.92%