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Mortgage approvals bounce in November – E.surv

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  • 17/12/2019
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Mortgage approvals bounce in November – E.surv
Mortgage approvals have risen 2.8 per cent, with 65,879 recorded in November 2019 compared to the same month last year.

 

The figures from e.surv’s Mortgage Monitor showed approvals growing by two per cent compared to October 2019.

“One factor contributing to the rise may be that some mortgage lenders have cut rates in recent months to help meet their end-of-year targets,” the surveyor firm said.

Lending to borrowers with large deposits accounted for 28.9 per cent of the market, up from 28.8 per cent in October. 

Borrowers with middle size deposits spoke for 43.3 per cent of approvals, up from 42.9 per cent in October.

Those with small deposits took 27.7 per cent of the market, down from 29.2 per cent. The number of small-deposit borrowers fell by 5.3 per cent to 18,248 in November, down from 19,271 in October.

“There was a modest decline in the number of small deposit buyers this month — the category into which first-time buyers most commonly fall,” said Richard Sexton (pictured), director at e.surv.

“However, the overall mortgage market grew in November, largely thanks to strong remortgage activity.

“Borrowers with large and medium size deposits increased their market share over the month,” Sexton said.

 

Regional picture

Small deposit borrowers were most prevalent in Yorkshire, where they accounted for 35 per cent of approvals during November. The lowest proportion of small deposit borrowers was found in London, at 19.6 per cent. 

This trend was reversed for large deposit borrowers, with London seeing the highest proportion, at 36.2 per cent, and Yorkshire the lowest at 21.5 per cent.

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