There is more evidence of a boost in mortgage approvals according to data from chartered surveyor company e.surv.
It says there were 72,712 house purchase approvals in June, up 12.8 per cent on the 64,434 recorded in May and making June the strongest month for house purchase loans since January 2014.
The monthly increase – as confidence returned to the market following a period of political uncertainty – is the largest month-on-month improvement since February 2009.
House purchase approvals have also risen significantly on an annual basis, with this June seeing 10.5 per cent more approvals than the 65,794 recorded 12 months ago.
June also brought an increase in the number of higher Loan-To-Value borrowers with a deposit worth 15 per cent or less of their properties’ total value. There were 12,288 approvals for higher LTV house purchase loans in June, a 17.7 per cent improvement on the 10,438 recorded in May and up 5.5 per cent on the 11,646 seen in June 2014.
The combination of this growing proportion and a strong June performance from the wider mortgage market has allowed the number of higher LTV loans to reach its highest monthly volume since April 2008, when there were 12,572 approvals in this category.
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'Making June the strongest month for house purchase loans since January 2014'
This is fantastic news for buyers and the industry overall. Considering the close proximity to the past election it is somewhat surprising that it has picked up so rapidly.
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