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e.surv: Mortgage approvals drop in January

Jake Carter

February 19, 2020

buyers

Mortgage approvals fell 1.8% in January according to data from e.surv’s latest Mortgage Monitor.

A total of 66,002 residential mortgages were approved last month.

The number of small deposit borrowers grew month-on-month, from 25.5% in December to 26.7% in January.

In contrast, the market share of large deposit borrowers fell from 27.3% to 25.5%.

Looking to mid-market borrowers, the data shows an increase from 47.2% to 47.8%.

Regionally, Yorkshire retained the top spot for small deposit borrowers with a total market share of 33.6%.

This was followed by the North West at 30.9%.

London noted the greatest market share of large deposit borrowers at 32.4%.

The South East proceeded, with a total of 28.8%.

Richard Sexton, director at e.surv, said: “While the market fell slightly following the December bump, rumors of a Bank of England base rate cut appear to have had little appreciable impact on the mortgage market, with a strong performance among several key buyer groups in January.

“Existing homeowners benefited from low remortgage rates and were persuaded to switch to a new deal, while new buyers also swooped to seal low interest rates for their first purchase.

“Yorkshire has started 2020 much like it ended 2019, with the region once again proving to be a great place for first-time buyers to get onto the housing ladder.

“Those trying to buy in other areas of the country will look on with envy at how the region consistently proves itself as one of the best places to purchase.”


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