On the same day as one of the most optimistic Rightmove market snapshots of recent months, the latest mortgage monitor from e.surv suggests a small rise in the number of homes loans granted in March compared to last year.
There were 66,174 mortgages were approved during March; that’s 4.0 per cent higher than the same month a year ago and 2.9 per cent up on February, even if e.surv cautions that the purchase and sale of properties continues to be subdued.
It says low rates have created favourable conditions for existing homeowners looking to take out new loans, and first-time buyer activity has increased despite the slowness of the wider market.
The proportion of loans given to small deposit borrowers fell slightly compared to the last survey, but still represents a significant share of the mortgage market says the firm.
The proportion of loans to these customers dropped from 26.3 per cent to 26 per cent.
Richard Sexton, director at e.surv, says: “Mortgage rates have increased slightly compared to the rock-bottom lows of the last few years. However, rates are still close to their historic lows which is good news for those looking to take their first steps. This is reflected in the number of approvals this month.”