Whilst the number of all home loans grew by 6%, mortgage applications for properties sold above £250,000 rose by 9% in 2012 compared to the previous year and up 28% since 2009 as lenders are offering increasingly competitive terms on deposits and interest rates.
Ian Wilson, head of sales at Halifax Intermediaries said:
"It is no surprise that a large proportion of purchases above £250,000 are in Greater London and the South East. Traditionally we generally see a spike in clients reviewing their finances in the first quarter of the year, with this year being no exception.
"High value mortgages can be quite complex, with borrowers having multi-faceted income streams, with bonuses, business profits and investment income often forming part of the overall income picture. Due to the nature of these types of cases, lenders need to be flexible and understanding of the requirements of brokers and their clients and provide a knowledgeable specialist team to support them."