The mortgage market has remained largely stable in May, according to data collected by the Mortgage Advice Bureau.
The average purchase loan, as of May 2019, stood at £176,903, an increase of 1.6 per cent on April, which posted an average figure of £174,074. On an annual basis, there has been an 0.8 per cent rise, with the number in May 2018 recorded at £175,487.
Average purchase loan LTVs rose marginally in the year to May, increasing from 70.2 per cent to 71.3 per cent, and remained at the same percentage month-on-month.
Furthermore, the average purchase price also rose, from £244,127 to £248,237, representing a 1.7 per cent rise month-on-month. Annually, this figure increased by 0.7 per cent from £249,862.
Looking at remortgages, the average remortgage loan rose to £177,085 from £175,682, a 0.8 per cent between April and May. However, on an annual basis there was a 1.1 per cent fall from £179,079 recorded in May 2018.
Average LTVs in the remortgage category rose from 56.7 per cent in April, to 57.1 per cent in May, and annually were up from 55.7 per cent.
The average remortgage property value remained largely similar month-on-month, increasing from £309,866 to £309,982. On a yearly basis, this figure declined by 3.6 per cent, from £321,580.
The figures show for buy-to-let the average purchase loan increased by 0.97 per cent between April and May, from £122,975 to £124,182. This number is down, however, on an annual basis from £126,428, a drop of 1.77 per cent.
Mortgage Advice Bureau head of lending Brian Murphy says: “We have observed that the majority of key indicators have either remained stable or seen a slight increase on a month-on-month basis, suggesting that the market has remained consistent over the course of May.
“This is a continuation of the trend that we have observed since the start of the year, albeit with the top-line figure masking the variation of performance between regions.
“In some areas of the UK market confidence is still strong, with demand often outstripping supply at some price points.
“However, these areas are balancing out those which are seeing softer conditions, meaning that when viewed collectively, national average price movements on both a month on month and year-on-year basis are more subdued.”