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More market optimism as mortgage approvals show uptick

The  number of mortgage approvals rose 1.9 per cent in the final month of last year according to e.surv’s mortgage data monitor.

There were 66,253 residential mortgages in December, adding to the rest of the year to make an annual increase of 2.7 per cent. 

The proportion of small deposit borrowers dropped on a monthly basis, from 27.7 per cent to 25.5 per cent. Additionally, approvals to large deposit borrowers also dropped between November and December, from 28.9 per cent to 27.3 per cent.

Regionally, Yorkshire continued to retain the top spot for small deposit borrowers, with a market share of 32.3 per cent; the North West was next on 30 per cent.

London was unsurprisingly the location of the biggest number of large deposit borrowers, accounting for a 33.4 per cent share with the South East on 31.7 per cent.

“December’s decisive election result does seem to have put an end to the atmosphere of uncertainty which has dominated the property market this year. With more certainty on the future, it appears that many new buyers and existing homeowners have chosen to enter the market” reports e.surv director Richard Sexton.

“The prominence of Yorkshire as a small deposit hotspot in 2019, serves as a reminder that the UK’s property market remains heterogenous and divided. The contrast between the Yorkshire and London markets, for instance, remains stark.”


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