Boost to £500,000 mortgages
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The number of mortgages over half a million pounds increased 162% in May compared to the same month last year, according to Knight Frank Finance.
The huge jump reflects the depressed nature of the market early last year and follows a 26% rise in £500,000 mortgages in the three months leading to May this year.
Over the last three months the volume of applications grew by 23% but the number of mortgage offers declined by around 39% in May compared to three months earlier.
Simon Gammon, head of Knight Frank Finance says: “While the £500k and above mortgage market is undoubtedly much healthier than it was a year ago, there is growing evidence that lenders are being more discerning in terms of which applicants they will make offers to.
He adds: “Private banks are again back in force and are widening their range of products at the 80% and 85% level – with significant improvements in the level at which they are prepared to lend at.”
