The latest Mortgage Monitor from chartered surveyor e.surv has reported that the number of mortgage approvals remained level between September and October, falling back marginally compared to the same point a year ago.
The firm recorded 66,136 mortgage approvals (seasonally adjusted) this month. This figure was flat compared to September, when 66,185 loans were approved, but down 1.5% compared to October 2016.
Despite the market remaining flat month-on-month, the proportion of buyers with smaller deposits getting loans dropped again this month.
Some 17.7% of all loans were went to this part of the market in October, down from 19.8% a month ago and 20.3% in August.
However, this month’s figure is still above the most recent low point – in December 2016 – when small deposit borrowers made up just 16.1% of the market.
Richard Sexton, director of e.surv, said: “The mortgage market performed above expectations all summer, so for this to continue well into the autumn is good news for would – be borrowers.
“However, the drop off in small deposit borrowers – which includes many first-time buyers – should also be noted. This once again highlights the fact more should be done to help young borrowers get onto the ladder.”
