Mortgage applications for house purchase in August had a monthly fall of 2.3% but, claims the Mortgage Advice Bureau, were an astonishing 34.8% up on August last year
MAB, which operates via network of independent estate agents, will not be drawn on the percentage of its applicants who are successful but on current industry performance, 60% of applications are turned down.
MAB said that under 70% of applicants chose fixed rate deals – the lowest level for ten months.
The fall suggests that an increasing number of borrowers are responding to speculation that rates could remain unmoved until 2013.
The average loan size on mortgage applications in August was £135,397, down slightly on July figure of £135,873.
The average LTV on mortgage applications in August was 71.4% compared to 69.1% in July.
The average deposit put down by a mortgage applicant in August was £54,235, down significantly on the average deposit of £60,759 in July.
The average age of a mortgage applicant in the UK in August was 37 years 7 months and the average salary of a mortgage applicant was £33,777.
MAB reports on a similar pattern of activity in remortgages, with applications down 5.6% in the month. However, application numbers in August were still up 48.1% on August 2010.