Mortgage approvals up by nearly eight per cent year-on-year

The latest data has revealed that UK mortgage approvals soared to 66,145 in August, up by almost eight per cent year-on-year.

According to the figures in chartered surveyor e.surv’s latest Mortgage Monitory, the UK’s mortgage market is today much healthier than many cynics would have the public believe.

The group’s data also contradicts the common view that Britain’s first-time buyers are struggling to get a foot on the property ladder.

In fact, the Mortgage Monitory report found that some 13,427 loans were granted to buyers with smaller deposits in August – representative of around one in five of all mortgages approved during the month.

Meanwhile, buyers with larger deposits – defined as those with deposits of 60 per cent or more for the purposes of the survey – accounted for around 34 per cent of the August market in comparison.

Richard Sexton, Director of e.surv, said: “The UK mortgage market is in a much healthier position than a year ago.

“Approval rates are 7.8 per cent higher year-on-year and first-time buyers are taking more of the overall market.

“A year ago the market was dealing with reverberations of the Brexit vote, but the past 12 months have seen a strong recovery for the mortgage industry and the outlook for the future looks more settled.”

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Nigel is the Managing Partner and Head of Litigation and Dispute Resolution in the London office of Mackrell Turner Garrett.