The Mortgage Monitor also revealed that mortgage borrowers with large deposits continue to dominate the UK market.
The number of mortgage approvals grew between October and November according to the latest Mortgage Monitor by e.surv.
Mortgage approvals grew 1.3% which is the first significant growth since the EU referendum. In total November saw 64,407 house purchase mortgages down 9% from the same time in 2015.
Richard Sexton, director of e.surv chartered surveyors, said: “The post-Brexit doom and gloom in the mortgage market has passed and we are now starting to see growth in the number of loans being approved.
“While activity is still down on previous years, the market is in a stable place, with record low mortgage rates continuing to lure buyers into the market.
“A shrinking first-time buyer market is a cause for concern, but after a period with lower-than-normal approvals, this could merely be a lagging effect. People at the top of the ladder must move first to free up properties for everyone else to move into. It is hoped that first-time buyer growth will resume as we head into 2017.”
The Mortgage Monitor also revealed that mortgage borrowers with large deposits continue to dominate the UK market.
First-time buyers and those with smaller deposits made up 16.3% of the overall market this month.
Sexton added: “Despite the proportion of small deposit buyers shrinking month-on-month, the number of new buyers getting onto the ladder is actually higher than last month thanks to the growing overall market”.
