Mortgage applications up 8% from pre-pandemic level of two years ago

Applications for mortgages in May were up by 8% on their pre-pandemic levels from 2019, according to new data released by Experian.

The figures comes with one month to go until the extended stamp duty holiday becomes tapered down from 30 June.

Experian reported that applications from people under 30 have seen the biggest growth (+11%), and now represent a larger share of the mortgage market than applications from those aged between 50 and 59. Overall, those in their thirties made the most number of applications, climbing by 8% on May 2019’s levels.

Similarly, mortgage enquiries via Experian’s comparison services saw a rise of 73% when compared with the figures from May 2019. Of these, home purchases continued to make up a higher proportion of enquiries than remortgages, which Experian suggested highlights the impact of the stamp duty holiday extension.

The temporary nil rate band of £500,000 for stamp duty will be tapered down on 30 June and remain at £250,000 from 1 July to 30 September, before it reverts to the standard amount of £125,000 on 1 October.

Experian Consumer Services product managing director, Seb Worbs, commented: “Demand for mortgages remains robust as we approach the stamp duty holiday deadline on 30 June, with the holiday having allowed consumers to put down larger deposits. The fact that 95% mortgages have returned to the market has also had an effect, especially among younger applicants.

“Having a strong credit score can be key as well, as people with higher scores tend to be able to access the cheapest mortgage rates.”

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