According to mortgage network Stonebridge, the average mortgage size has increased by 3.5% in a year.
Stonebridge’s November mortgage market briefing found that the typical loan size is currently £207,929.
The average mortgage rate fell 39 basis points from October to 4.35%, while mortgage applications increased 11.6% in the year to November.
Stonebridge chief executive Rob Clifford said: “Despite facing a range of economic headwinds, mortgage applications increased by 11.6% year-on-year in November, demonstrating that the mortgage market continues to demonstrate significant resilience.
“Much of this growth has been driven by lower mortgage rates, which are on average 39 basis points lower than a year ago, making borrowing more affordable and attractive to potential buyers as well as those wondering whether to refinance.
“The market has already priced in two to three more rate cuts over the next 12 months, which should theoretically limit the scope for further falls in mortgage rates. However, lenders are currently highly competitive, which could put additional downward pressure on rates and provide additional momentum to the market.”
