UK Finance – Gross lending increases as September approvals soar 13.5%
Gross mortgage lending across the residential market totalled £22.3 billion in September, 3.7% higher than in the same month in 2018, according to the latest statistics from UK Finance.
Its data shows that there were 85,880 mortgages approved by the main high street banks in September 2019.
Mortgage approvals for home purchase were up 13.5% and remortgage approvals were 23.4% higher than in September 2018, which UK Finance described as a “particularly subdued month for the mortgage market”.
Vikki Jefferies, proposition director at Primis, commented: “Today’s household lending figures, perhaps surprisingly, paint a picture of resilience. This is in part down to the hard work and diligence of brokers who are continually striving to secure the best consumer outcomes. These figures show that from a consumer perspective they’re happy for it to be ‘business as usual’.
“As ever, advice is a vital part of the mortgage process, and intermediaries play a key role in accessing the best deals available for borrowers. With the necessary support behind them, I hope to see brokers continue to add to the positive level of mortgage lending we’re seeing.”
Managing director of Benham and Reeves, Anita Mehra, added: “The latest figures demonstrate a very real appetite for homeownership across the UK and mark the sixth consecutive month we’ve seen mortgage approval levels exceed a healthy 42,000.
“This suggests that despite our political system continuing to crumble from the inside out, the Brexit ice is starting to melt when it comes to buyer sentiment and their intent to purchase.
While we may have to wait until the other side of the festive break to see this intent materialise into actual sales, it bodes well for the wider market given that our future in or out of Europe is yet to receive any concrete stamp of certainty.”
Source: Financial Reporter