According to mortgage network Stonebridge, the average mortgage size has increased by 3.5% in one year.
Stonebridge’s Mortgage Market Briefing in November revealed that the average loan size is now £207,929.
The average mortgage interest rate fell by 39 basis points to 4.35% compared to October, while mortgage applications rose by 11.6% in the year to November.
Stonebridge chief executive Rob Clifford said: “The fact that mortgage applications increased by 11.6% year-on-year in November, despite a series of economic headwinds, shows that the mortgage market continues to show remarkable resilience.
“Much of this growth has been driven by falling mortgage rateswhich are on average 39 basis points lower than a year ago, making borrowing more affordable and attractive for potential buyers, but also for those wondering whether to refinance or not.
“Markets have already priced in another two to three cuts over the next 12 months, which should theoretically limit the potential for further declines in mortgage rates. However, lenders are competing fiercely at the moment, which is likely to put additional downward pressure on rates and create additional momentum for the market.”