Mortgage purposes jumped nearly 42% in June in comparison with a yr in the past, in line with the most recent market replace from Stonebridge community.
Borrowers are on common £888 a yr higher off, as mortgage charges have fallen by 62 foundation factors over the previous yr, it discovered.
Nearly two-thirds of debtors – or 64% – selected offers mounted for 3 years and beneath in June, which Stonebridge sees as an indication that they’re hoping to profit from future price cuts.
This is a rise from 60% of debtors who mounted for 3 years and beneath final June.
Meanwhile, 95% of debtors opted for mounted charges over variables final month.
Stonebridge chief govt Rob Clifford says: “While inflation stays elevated, we imagine the Bank of England will reduce charges a minimum of as soon as extra this yr – doubtlessly on the Monetary Policy Committee’s subsequent assembly in August.
“Any additional cuts ought to feed via into decrease mortgage charges in time, which ought to strengthen affordability and tempt debtors again to market in larger numbers.
“The inexperienced shoots of restoration are already seen, with mortgage purposes up.
“That’s a transparent signal that purchaser confidence is returning.
“Any additional falls in charges may supercharge that momentum, supporting each mortgage lending and housing market exercise within the second half of the yr.”
