Rise of the London cash buyer

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The average LTV on mortgage applications (excluding remortgages) was 66.2% in March compared to 68% in February, according to London-based independent mortgage broker Coreco Group.

The broker said this highlighted the size of the deposits that London buyers, who are in a position to buy, are putting down.

The average mortgage loan size was £271,506 in March compared to £255,244 in February, an increase of 6.4%. The average deposit put down by a mortgage applicant in March was £138,624.

Mortgage applications (excluding remortgages) were up 26.7% in March compared to February and 67.4% of applicants chose fixed rate deals in March compared to 60% in February.

The average age of a purchase mortgage applicant in London in March was 38 years five months.

On the remortgage side, the average LTV on remortgage applications in March was 52.6% compared to 51.4% in February, while the average loan size dropped from £314,631 in February to £237,110 in March, a 24.6% drop.

Andrew Montlake, director of Coreco Group, said: “The London market continues to exist within its own bubble

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