According to UK Finance, June saw just under 70,000 new mortgage approvals, a 5% increase in the level of reported mortgage approvals reported in May.
Lending to first-time buyers (47% of approvals) were again greater than mortgages granted to existing home owners (45% of approvals). Loans to first-time buyers rose by 6.2% in the month.
In another part of the market, lending to buy-to-let investors has stayed consistent so far over 2019, comprising 8% of approvals in June.
Despite the level of mortgage lending being on the general increase over 2019 so far, compared with 2018, figures for June 2019 remain below those recorded in June last year. Approvals to first-time buyers were down 1.5%, to homeowners they were down 3.5% and there has been a 3.6% fall in approvals for buy-to-let investors.
Overall though, these are encouraging figures for those looking to buy, whether you are a first-time buyer, already own your own home, or are looking to become a buy-to-let investor.
Whatever your circumstance and wherever you are in your buying journey our team of experts are here and able to point you in the right direction, please do get in touch!