Essential reading for retailers and suppliers in the home improvement market

Mortgage approvals exceed £4billion

Published: 30 January 2019 - Fiona Garcia

According to the latest figures from the Bank of England, mortgage market activity has been “broadly stable since 2016”, with the trend continuing, despite Brexit woes and weak consumer confidence.

As a result, households borrowed £4.1billion secured against property in December 2018. This is up from November’s figure of £3,6billion and slightly above the average of the previous six-months, which stood at £3.9billion.

The huge uplift has blown the predicted level of 3.45billion out of the water, according to some experts, who believe such a notable surge in buyer demand is “extremely promising so early in the year and with Brexit yet to be decided”.  

Mortgage approvals for house purchase - an indicator of future lending - were just shy of 63,800 in December, unchanged from November, but slightly below their 2018 average of around 65,200.

One77 Mortgages managing director Alastair McKee, said of today’s figures: “The latest mortgage lending figures haven’t just exceeded industry expectation, they’ve gone so far above and beyond them, [that] they’re no longer visible with the naked eye.  

“While many have been preparing to place the last nail in the coffin of the UK property market ahead of any EU resolution that may occur, a monumental surge of four billion mortgage approvals suggests that there’s not only life in the old dog yet, but it could well make it to Crufts this year.

Of course, it is early days, but this huge uplift in buyer demand could be just the shot in the arm we’ve been looking for and shows signs of promise for the year ahead.”



(Your email address will not be published)
Already Registered?
Sign In
Not Yet Registered?
Printable View E-mail Bookmark

What do you think?

How have outdoor living lines been performing for you this season?

Latest reader comments

re: Quick and easy wood treatment oil from Frogsuit

Hi, please confirm if Frogsuit can be used on all external wood doors and sheds.RegardsBeverley...

re: Quick and easy wood treatment oil from Frogsuit

Chris - Frogsuit Ltd
Hi Arthur, thank you for your query. Depending on the product and the type of wood you may need to prepare the items prior to application. ...

re: Kingfisher appoints new CEO

B&Q bob
Not good news for BQ staff supermarket bosses have little respect for staff or staff retention, also see every opportunity to increase ...

re: Quick and easy wood treatment oil from Frogsuit

Hi, I watched your slot on QVC this morning and was quite impressed. However, I do have a question. The slot demonstrated Frogsuit being ...

re: Women line up for B&Q DIY classes

Linda Harman
Are there any ladies DIY classes near Burnham on Sea Somerset...