Mortgage approvals rise in June, according to the latest data
Mortgage approvals in the UK rose by 0.6 per cent between May and June, according to the latest home lending market monitor report published by e surv.
There was also growth in the number of small deposit borrowers, with first-time buyers also being very active in the market.
The proportion of loans that are being granted to those with smaller deposits has growth to 27.9 per cent, an increase of 0.2 per cent on the previous month.
A significant portion of the growth in the mortgage market in 2019 has been attributed to existing homeowners, and they have continued to be very active in the market in June.
Whilst the market share of borrowers with larger deposits has also grown, increasing to 24.7 per cent, up from 24.5 per cent in May.
Northern Ireland now has the highest proportion of small deposit borrowers, while London has the smallest proportion of small deposit customers.
London also has the highest proportion of larger deposit purchases, with one-third of all customers falling into this category.
Richard Sexton, Director at e surv, said: “Summer can sometimes see a drop in or stall in activity, as would-be buyers take holidays and think less about their finances. Mortgage lenders have made a concerted effort to revamp their product ranges and launch new deals to help lure in borrowers.
“We have seen an increase in the number of both small and large deposit borrowers and this is likely a result of more first time buyers getting on the ladder and also existing homeowners with sufficient equity choosing to remortgage.”