Conveyancing revival continues as mortgage approvals hit 5-year high
The positive predictions regarding the conveyancing market continue to ring true after latest figures from e.surv’s Mortgage Monitor revealed mortgage approvals have reached their highest levels since 2008.
January 2013 saw 65,184 mortgage applications approved, a 17 per cent increase on December 2012 and a 13 per cent improvement against last January’s. This makes January the strongest month for house purchase lending in five years.
But perhaps more encouraging is the primary driver for this rise; higher loan-to-value (LTV) borrowers and first time buyers account for the biggest overall share in this increase with 1 in 8 of all mortgages in January going to such borrowers.
January saw 7,758 mortgages approved for borrowers with a deposit of 15% or less while there were 14,995 loans granted for properties valued at £125,000 or below, otherwise known as a typical first time buyer property.
As mortgage availability continues to improve and tough lending criteria loosened, confidence is gradually beginning to be restored and, as a result, the conveyancing market is beginning to resemble at least a shadow of its former self.
Content correct at time of publication