The average LTV on London purchase mortgage applications in November was 63.7%, down from 69.5% in October, with the average loan size on purchase mortgages falling 4.2% from £281,322 in October to £269,527 in November.
Applications for fixed rate products for purchases in the capital rose from 45.5% in October to 54.5% in November. London-based independent mortgage broker Coreco Group claims this suggests that any confidence among buyers, that interest rates are staying low for the foreseeable future, might be waning.
Total mortgage applications (purchase and remortgage) were up 36.4% in November 2010 compared to October 2010.
The average LTV on remortgage applications in November was 54% compared to 56.4% in October, while the average loan size rose from to £287,521 in October to £375,149 in November, an increase of 30.5%.
The average age of a purchase mortgage applicant in London in November was 39 years compared to 37 years, nine months the previous month.
Andrew Montlake, director of Coreco Group, said: “While November saw a welcome rise in mortgage transactions in London
