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Mortgages hit December 2007 levels

Monday December 14th 2009

October saw the number of mortgages advanced to house buyers bounce back to levels last seen in December 2007, as the housing market continues to recover

Figures from the Council of Mortgage Lenders (CML) showed that around £55,300 loans were advanced during the month, more than double the figures of January when the market reached its lowest point at 23,000.

In comparison with last year, October's mortgage figures this year were up by 43%.

There were also a third more first-time buyers this year compared with last year, with 19,700 people taking out a loan to buy their first home. The average deposit put down by first-time buyers remained at 25% for the ninth month in a row.

After several months where the income multiple lent to new buyers rose, indicating lenders were being less controlling, the figure fell slightly in October to 3.08 times buyers' wages.

But despite continued improvement in other areas, the remortgage market remained subdued, with only 33,000 people taking out a new deal. That was 52% down on last year and the second lowest figure since CML started collecting the data in 2002. 

The downturn has been influenced by the low interest rates which mean home owners are often better off staying on their current deals.

Copyright © Press Association 2009

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