Loans for home purchases reached their highest number since December 2009 in November thanks to the loosest mortgage lending conditions seen since the Lehman collapse, according to the latest Mortgage Monitor from e.surv chartered surveyors.
Purchase approvals rose from 52,743 in October to 54,658 in November, an increase of 4%, and 15% higher than November 2010, according to the Daily Telegraph. The increase was triggered by the loosest lending conditions since October 2007, as the average deposit fell back to 38% in November, down from 40% in October. Loans to borrowers with a deposit of 15% or under accounted for 13% of all lending in November, up from 10% in October, and the highest since October 2008. The average deposit on typical first time buyer property fell to 31%, the lowest since August 2008, and down from ...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
