The latest Mortgage Monitor from e.surv has reported that mortgage approvals remained relatively flat between August and September, but are still well above the levels recorded a year ago.
There were 66,185 mortgage applications (seasonally adjusted) approved during September. While this figure is down marginally by 0.6%, compared to August it remains well above the comparable month in 2016. This September, approval levels were 4.7% higher than 12 months ago.
However, the proportion of the market taken by small deposit borrowers has dropped month-on-month, falling from 20.3% to 19.8%.
E.surv said this is still well ahead of the most recent low point for the market – in December 2016 – when small deposit borrowers made up just 16.1% of the market. However, it is also some way off the 2017 peak of 21.5%, which was recorded in April.
Richard Sexton (pictured), director of e.surv, 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.”