You are here: Home - News -

Mortgage approvals at highest level since January 2018 – Bank of England

by:
  • 29/11/2018
  • 0
Mortgage approvals at highest level since January 2018 – Bank of England
Mortgage approvals in October reached the highest level since January 2018, according to Bank of England data.

 

Lending increased 3.3% annually to £4.1bn in October, broadly in line with levels seen in previous months.

However, the number of approvals were at 67,000, a number not seen since the start of the year.

Remortgages were stable at 49,000.

Lending growth has hovered around the 3% level since 2016, modest compared to pre-crisis levels, the Bank added.

Jonathan Harris, director of mortgage broker Anderson Harris, said: “With mortgage lending levels remaining steady but modest, lenders are upping the ante, reducing fixed rates and increasing incentives as they try to boost business before the year end.

“Those borrowers in the market for a mortgage will find plenty of attractive deals to tempt them, although it’s important not to be swayed by the headline rate or any ‘freebies’ but to work out how much the deal is really costing you.”

The data comes after the Bank of England warned a worst case scenario no-deal Brexit could tip the UK into a recession with house prices sinking by 30% and interest rates rising to 4%.

 

No market alarm over Brexit

 

However, Brexit is not alarming the market at the moment, according to insiders.

Jeremy Leaf, north London estate agent, said: “Surprisingly perhaps, we have seen a pick-up in enquiries over the past few weeks and sense that there is a feeling among buyers and sellers that they are fed up with sitting on the sidelines and not prepared to put off their moving decisions for much longer.

“These figures only tell the tale of what was happening in the lead up to the provisional Brexit settlement and so it is too early to determine the outcome of recent events.

“But what is clear from the performance of the property market is that the preoccupation with Brexit seems to be restricted to those in the southeast and is not regarded as being as important elsewhere.”

There are 0 Comment(s)

Comments are closed.

You may also be interested in

Read previous post:
Roma Finance rolls out open banking solution

Roma Finance has completed the pilot phase of its open banking solution, rolling it out to all of its customers.

Close