Mortgage Approvals - At Decade High
The number of home loans approved by the main high street banks in the UK hit its highest level for ten years in July last year, totalling 95,162 approvals. This is the highest monthly total seen since July 2009, when just under 100,000 applications were given the go-ahead.
What's Driving The Growth?
The prime drivers of this growth were new home purchases and remortgage approvals. On an annual basis, remortgage approvals were 19.4% higher, mortgage approvals for home purchases were 16.4% and approvals for other secured borrowing 12.7% higher. This peak in activity can be attributed to a range of factors, including the number of competitive rates available on the market and the fact that July was the month when the odds of a no-deal Brexit reduced, incentivising home-seekers and remortgagers into action.
Approval Numbers Moderating But Still Healthy
Although August approval figures moderated to 85,931 approvals for both home purchase and remortgage loans were higher than August 2018 statistics. In September, there were 85,880 mortgages approved. Mortgages approvals for home purchase were 13.5% higher and remortgage approvals were 23.4% higher than in September 2018.
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