Recent reports show that the amount of an average
mortgage was £126,654 in August. This figure is up by 0.89 per cent on July and 3.26 per cent more that three months ago.
The report by Moneyextra also shows that the average value of completed
loans were up to £153,354 which is more than five per cent on July's figure and £37,755 more than in June.
Moneyextra said: "The continued strength of the bounce upwards is more likely to reflect a number of high value deals rather than a substantial market trend."
The firm went on to say that, after the first drop in
interest rates for two-years, consumer confidence was bound to improve.
"The next cut in interest
rates may well be some way off," Moneyextra said in a statement.
"However, the potential prospect of further reductions in mortgage costs continues to provide stability to
house prices and boost market activity in
mortgages after the lows seen in late spring."
The report further showed that mortgage values across the board showed small increases in August, even though
property prices were still in decline. This affected the
first time buyer sector, mover and those who are looking for remortgages.
