Number of mortgage approvals remain steady

In June 2021 there were over 80,000 mortgages approved, which is 21% above the 2014 to 2019 average.

Despite house prices increasing to an all-time high this year, mortgage payments haven’t followed in the same direction. In fact, mortgage rates are actually close to an all-time low so affordability has remained in line with the long term average, despite it not seeming so when looking at property prices.

First time buyer lending is also up 25% on last year thanks to the low mortgage rates and increased availability of high loan-t0-value mortgages.

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Sources: Dataloft, Zoopla and Bank of England.