25% rise in mortgage approvals in November

The number of UK mortgage approvals in November rose 25% to 76,295 compared to a year ago, according to the British Bankers’ Association last thursday.

A 20% increase in loans for house purchases was seen, a figure of  44,960 was recorded, this was below the  estimates of 46,000, remortgaging surged 31% last month to 23,446 approvals, according to the BBA.

Gross mortgage borrowing rose 28% to £12.8bn, with monthly new lending the highest in seven years.

The report said “After seeing demand fall in the second half of 2014, the overall mortgage stock has recovered and is now 2.1% higher than a year ago,”

 

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

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