Mortgage approvals 21% higher than the 2014 to 2019 average.

Mortgage approvals 21% higher than the 2014 to 2019 average.

In this speed read, we take a quick look at recent mortgage approval numbers compared to the 2019 and 2014 averages.

  • 81,338 mortgages were approved in June 2021, 21% above the 2014 to 2019 June average.
  • Despite house prices increasing to an all-time high, mortgage payments haven't followed suit. Mortgage rates are close to an all-time low, so affordability has remained in line with the long-term average.
  • First-time buyer lending is up 25% on last year (Zoopla), thanks to low mortgage rates and increased availability of high LTV mortgage products.
  • With many searching for larger properties and more space, the number of properties available for first-time buyers has remained steady, average asking prices in this market up just 3.4% year-on-year (Rightmove).
  • Source: Dataloft, Bank of England
 


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