You are here: Home - News -

Mortgage approvals still well above 2016 levels

  • 03/11/2017
  • 0
Mortgage approvals still well above 2016 levels
Mortgage approvals remained relatively flat between August and September, but remain well above the levels recorded a year ago, according to E.surv.

The chartered surveyor’s latest Mortgage Monitor report found there were 66,185 seasonally adjusted mortgage applications approved in  September.

This figure was down by 0.6%, compared to August but remained well above September last year with approval levels 4.7% higher than 12 months ago.

E.surv director Richard Sexton said: “Mortgage approval rates have remained impressively high over the summer months, as buyers take advantage of low mortgage rates and buy a home for the first time or move up the property ladder.

“It is particularly striking when compared to 12 months ago when the market was contracting following the UK’s decision to leave the European Union. A year later and the housing market is back on its feet and motoring along nicely.”


Big deposit boost

Despite the low rates continuing in the market, the survey found that borrowers with larger deposits were more evident.

Borrowers with a deposit of 60% or more gained their highest share of the market for eight months in September, accounting for 35% of the mortgage market during the month, ahead of 34.4% in August.

In contrast, small deposit borrowers dropped month-on-month from 20.3% to 19.8%, although this was still well ahead of the most recent low point last December when they made up just 16.1% of the market. However, it is a drop from the 2017 peak of 21.5%, which was recorded in April.

The North West was most friendly for small deposit borrowers, while London was perhaps unsurprisingly the most difficult place to get a foothold.

Sexton added: “Borrowers in London who don’t have either a big deposit saved or large amounts of equity in their existing property are finding things particularly difficult.

“These markets are dominated by those with cash to splash, making it more difficult for young buyers to get onto the ladder. By contrast, northern England and Northern Ireland are the markets most receptive to those with a small deposit.

“This month it was the North West which was the best location for first-time buyers, but Yorkshire and Northern Ireland are also ideal places to get onto the property ladder for the first time.”

There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.


Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.


Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.


Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
  • RT @robjupp: Great day yesterday for donations to @MortSleepOut. With Gift Aid, we are now close to £17,000. It would be great to get to £2…

Read previous post:
Networks must maintain stricter controls over AR introducers, FCA warns

Networks must keep appointed representatives (AR) under tight control or customers risk getting bad advice, the regulator has warned.