The number of mortgages being awarded to first-time buyers (FTBs) who have small deposits increased in July, both compared to June and the same month in 2016.
Property Wire reported on the data, which showed that approvals to FTBs with small deposits were up 6.7 per cent year-on-year, and had increased to a 19.6 per cent share of the mortgage market this July, up from the 18.5 per cent share recorded in June.
Director of e.surv Richard Sexton told the news provider that the number of people applying for and being granted mortgages has improved in the past year.
“The mortgage market is in a much happier place than 12 months ago when, in the aftermath of the UK’s vote to leave the European Union, activity had stalled as buyers and sellers took a pause for breath,” he explained.
Mr Sexton also noted that the UK regions with the highest percentage of small-deposit buyers were Northern Ireland (31.7 per cent), Yorkshire (30.6 per cent) and the North West (28.9 per cent).
Record-low interest rates have made it easier for borrowers in recent years and although there is now talk of a rise in the base rate, moneyfacts recently suggested that this won’t have a big impact on those paying off mortgages or taking them out.
According to the website, even if the base rate rises by 0.75 per cent, the amount this will add to mortgage payments is likely to be minimal.
If you’re looking for estate agents in Hull to help you with your next property purchase, either as an FTB or someone who’s moving up the ladder, contact us at Beercocks today to find out how we can help.