Mortgage market recovers to best since credit crunch

Mortgage market recovers to best since credit crunch

The number of mortgage products available has topped 10,000 – for the first time since September 2008.

According to the Mortgage Advice Bureau, the figure stood at 10,262 in July, a 33% increase on a year ago and up by 198% on the number available in July 2009.
MAB, whose advisers mainly work out of estate agents’ branches, also says that buyers are borrowing more. The typical home buyer borrowed £159,391 in July, up by 6% since the start of the year.

Mortgage rates have also come down over a 12-month period by around 1%.

Gross mortgage lending is also up, hitting a five-year high, says the Council of Mortgage Lenders. It estimates that banks and building societies advanced £16.6bn in July, a rise of 12% on June and 29% higher than a year ago.

CML analyst Caroline Purdey said the figure “reinforces a growing evidence base of a strengthening in the housing and mortgage markets”.