House purchase lending in November increased to its highest level for eleven months, with banks choosing to focus an improvement in mortgage funding on wealthier borrowers rather than first time buyers, according to e.surv chartered surveyors.
Their latest Mortgage Monitor revealed there were 53,259 house purchase loans in November, the highest since January.
But the modest improvement was due almost entirely to an increase in lending to wealthier buyers. First-timers struggled in November, with purchase approvals on cheapest property (below £125,000) accounting for just 22% of overall house purchase lending – the lowest proportion for 14 months. Banks focused on lending more to wealthier buyers. House purchase loans rose on all property valued at over £500,000, notably in the £500,000 to £750,000 bracket.
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