Claims that lenders in pursuit of market share are encouraging borrowers to take loans with high loan-to-valuation ratios are not supported by the latest market data, which shows average LVR levels down slightly over the past 12 months.According to the latest lending data from aggregator AFG, the average loan-to-valuation ratio of the mortgages written by AFG brokers in July was 68.2 per cent. In July last year the average LVR was 68.4 per cent and in January it was 68 per cent.In New South Wales, the average LVR has fallen from 66.2 per cent to 63.3 per cent over the past 12 months. In Victoria it has increased from 71 per cent to 71.2 per cent, in Queensland it has fallen from 68.4 per cent to 67.3 per cent and in Western Australia it has risen from 70.9 per cent to 71.5 per cent.The average loan size has increased from $401,749 to $443,244. Bigger loans have been offset by high valuations to keep LVRs in check.AFG brokers wrote 9300 mortgages worth $4.1 billion in July. Both figures were up on June but below May, which has been the strongest month so far this year.The average loan size in July was $443,000.Investors continue to be the biggest segment of AFG's market, accounting for 38 per cent of the business in July. Investor participation was down from 40 per cent in May and 39.2 per cent in June.