Mortgage lenders are sealing more mortgage deals after the Bank of England's Monetary Policy Committee voted to cut interest rates to 4.5 per cent.
More Britons are handing in mortgage applications since the interest rate cut last month, a new report revealed.
Moneyextra found that mortgage lenders received 0.89 per cent more mortgage applications last month than in July. The average value of mortgages was £126,654 – the highest in three months.
"The potential prospect of further reductions in mortgage costs continues to provide stability to house prices," commented a spokesperson for Moneyextra.
This prospect also boosts mortgage market activity following the lows seen in late spring, Moneyextra suggested.
More people were opting for remortgages in August, and the number of first time buyers also increased slightly.
According to analysts, better consumer confidence in the mortgage industry is the reason for this rise in mortgage applications and the value of mortgages.
Mortgage lenders currently offering more competitive deals on mortgages and remortgages, as well as deals specifically aimed at first time buyers, also influenced the upturn in mortgage activity, it is believed.
Mortgage lenders report more mortgage activity
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Mortgage lenders report more mortgage activity
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