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Getting high

The biggest year-on-year rise in mortgage approvals since May 2010 has been recorded, with approvals up from 49, 239 in July to 49, 566 last month.

And 10 percent of the mortgages went to buyers putting down 15 percent or less of the deposit, news that suggests that the situation is improving for first-time buyers.

But Richard Sexton, from e.Surv, warned that we 'should not get carried away', with the idea that getting a mortgage is easy. 'A slight loosening in criteria only makes a small dent in the vast backlog of buyers stuck in the rental market,' he said.

David Newnes of LSL Property Services comments that the best mortgage deals 'are still only available to those able to muster at least a 30 percent deposit.'

'It is good news that high loan to value lending is increase but it’s rising from a very low level and will have to continue rising for some time before we’re likely to see a sustained revival in the market for first-time buyers,' he added.

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