Mortgage approvals increased by 1.9 per cent between November and December 2019, shows e.surv’s mortgage monitor.

Data collected by e.surv outlines that there were 66,253 residential mortgages approved in the last month of 2019.

Annually, the number of approvals increased by 2.7 per cent.

The proportion of small deposit borrowers dropped on a monthly basis, from 27.7 per cent to 25.5 per cent.

Additionally, approvals to large deposit borrowers also dropped between November and December 2019, from 28.9 per cent to 27.3 per cent.

Meanwhile, mid-market activity increased from 43.4 per cent to 47.2 per cent over the same time frame.

Regionally, Yorkshire continued to retain the top spot for small deposit borrowers, with a market share of 32.3 per cent. This was followed by the North West noting a 30 per cent market share.

London took the top spot for large deposit borrowers recording a 33.4 per cent market share. The South East followed with 31.7 per cent.

e.surv director Richard Sexton says: “There have been ups and downs over the course of the year, but 2019 ended on a positive note for the UK mortgage market.

“December’s decisive election result does seem to have put an end to the atmosphere of uncertainty which has dominated the property market this year.

“With more certainty on the future, it appears that many new buyers and existing homeowners have chosen to enter the market, leading to a spike in approvals in December.”

“Remortgage rates were low throughout December and this appears to have tempted many homeowners to switch to a new, cheaper deal.”

“The prominence of Yorkshire as a small deposit hotspot in 2019, serves as a reminder that the UK’s property market remains heterogenous and divided. The contrast between the Yorkshire and London markets, for instance, remains stark.”