Bank of England – Mortgage market holds steady in September
Mortgage market indicators point to continued stability in the market, according to the latest Money and Credit statistics from the Bank of England.
Its data shows that net mortgage borrowing by households was little changed at £3.8 billion in September, leaving the annual growth rate unchanged at 3.2%.
Mortgage approvals for house purchase were also broadly unchanged in September, at 66,000, and remained within the narrow range seen over the past three years. Mortgage approvals for remortgage strengthened slightly to 49,000.
Vikki Jefferies, proposition director at Primis, commented: “Although September did not see any major leaps or bounds in terms of mortgage lending, market activity remained steady. Lenders continue to offer attractive deals and advisers remain on hand to provide clients with the support they’re looking for. As a result, consumer confidence in the mortgage market is still strong – no mean feat considering the wider economic turbulence.
“Over the next few months, advisers have both a duty and an opportunity to help maintain this buyer confidence. By checking in with clients regularly and ensuring they’re on the best product for their needs, brokers will reassure customers that they are in good hands, no matter what next year may have in store.”
Source: Mortgage Strategy