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Mortgage approvals down in December – BoE

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  • 30/01/2015
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Mortgage approvals down in December – BoE
Loan approvals for house purchases dipped to 60,275 in December according to data from the Bank of England (BoE), further demonstrating the growing slump in the UK’s housing market.

Money and credit statistics released by the BoE showed that mortgage loan approvals were down 17% in December compared to 72,343 in December 2013.

Although loan approvals were up slightly on November where they reached 58,956, December approvals failed to exceed an average of 62,652 mortgages approved over the previous six months.

Remortgaging figures were up in the last month of 2014, with the number of approvals at 32,912 compared to 31,924 over the previous six months.

Lending secured on dwellings also slowed in December. Secured loans to individuals and lending to housing associations increased by £1.6bn in December, compared to the average monthly increase of £1.9bn over the previous six months. December’s growth in secured loans managed to surpass increases seen in September and October, where the market rose by £1.5bn and £1.4bn respectively.

In total, gross lending secured on dwellings was £16.6bn in 2014 and repayments were £14.6bn, with growth reaching 1.8% over the course of 2014.

Consumer credit lending also dwindled in December, but credit card lending increased by £0.3bn compared to £0.2bn in the previous six months. Lending for consumer credit grew overall by 6.7% over the course of 2014.

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