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Average purchase loans rise slightly in June: MAB

The average purchase loan size grew 1.8 per cent in the 12 months to June, according to the Mortgage Advice Bureau.

At £179,173, the average total represents a 1.3 per cent increase on May.

Average purchase loan LTVs also moved up slightly, having reached 71.4 per cent In June, a one basis point rise month-on-month and an increase from the 69.9 per cent recorded a year before.

Furthermore, the average purchase price increased, rising 1.1 per cent to £250,857. However, year-on-year this figure is down 0.3 per cent.

Looking at remortgages, the average loan price fell by 1.5 per cent to £174,389 on a monthly basis. Annually, this figure is also down, having fallen by 2.5 per cent.

Average remortgage LTVs remained broadly similar, increasing from 57.1 per cent in May, to 57.3 per cent in June, and up from the 56.5 per cent seen in June 2018.

The average remortgage property value dropped by 1.9 per cent to £304,172 on a monthly basis and fell 3.9 per cent year-on-year.

The figures show that the average buy-to-let purchase loan increased between May and June by 1.3 per cent to £125,882. Despite this monthly rise, annually this figure was down 3.9 per cent.

Mortgage Advice Bureau head of lending Brian Murphy says: “Many key indicators for home movers and first-time buyers remained either stable or only marginally changed when compared to the previous month, although some year-on-year figures saw slightly more noticeable movements, albeit these were very much in line with data from other sources.

“As has been the case for the past 12 months or more, the regionally diverse picture continued in June, with the East and West Midlands, Scotland, Wales, Yorkshire and the Humber and the North still seeing purchase loan sizes increased on the previous month.

“However, it is a slightly different picture inside the M25. Whilst many areas of London continue to appear to be suffering from ‘Brexit fatigue’.”

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