UK Finance – Mortgage approvals hit three-year high
The number of residential mortgages approved by the main high street banks in May was 9.1% higher than in the same month in 2018, and reached its highest level since June 2016, according to the latest figures from UK Finance.
Remortgage approvals were 3.7% lower and approvals for other secured borrowing were 5.9% higher than the same month a year earlier.
Gross mortgage lending across the residential market in May 2019 was £21.9 billion, some 0.4% lower than the same month in 2018.
Vikki Jefferies, proposition director at Primis, commented: “As we approach the end of H2, it is promising to see consumers remain confident in the market.
“With product ranges in the sector more diverse and innovative than ever before, these have meant brokers have been well equipped to keep up with consumer demand.”
John Goodall, CEO of Landbay, added: “It was another slow month for mortgage lending, with a potent cocktail of poor consumer confidence and subdued house prices.
“However, it’s heartening to see a rebound in the number of mortgage approvals; demand continues to shine through even in challenging political and economic circumstances. For borrowers, the current landscape of low-interest rates, stable inflation and impressive wage-growth should lend some breathing space to their budgets, meaning things are looking up as we move into the second half of the year.”
Source: Financial Reporter