The latest Mortgage Monitor from e.surv has reported that there were 67,109 mortgages approved during the month of November (seasonally adjusted).
This is marginally higher than October’s figure,when 67,011 approvals were recorded.
Compared to November 2017 there was a healthy increase in activity, with approvals up 4% year-on-year.
Low rates offered by mortgage lenders continue to represent good value for those with an appetite to commit to remortgaging. But in addition to these remortgages, first-time buyers have continued to increase their market share.
In November 25.9% of all loans went to borrowers with a small deposit. This is higher than the 24.6% recorded a month ago, as well as the 24.2% market share in September.
This has helped sustain activity towards the end of the year. Typically, the number of home buyers searching for new homes tails off as the country heads into winter.
Richard Sexton (pictured), director at e.surv, said: “Conventional wisdom suggests that as we reach the end of the year, the number of people looking for houses drops away.
“But while this is likely to be the case next month, the latest approval figures suggest that cheap mortgages are attracting a consistent level of borrowers into the market, regardless of the weather.
“However, in December mortgage lenders often look to secure their annual targets, sometimes resulting in keenly-priced deals on offer at the end of the year.
“We have already seen a number of cheap first-time buyer deals launch in recent weeks, and other lenders could follow suit.”
