Decline in mortgage approvals for September

October 30, 2015

Official figures released yesterday show mortgage approvals declined for the first time in four months in September.

According to data published by the Bank of England, mortgage approvals for house purchases declined from 70,664 to 68,874 last month, compared with analysts’ expectations for a 72,500 reading.

Overall lending rose at its fastest rate since December 2008, this was boosted by strong growth in mortgage lending and consumer credit according to the report.

“The dip in mortgage approvals in September could possibly reflect recent modestly reduced expectations of a near-term rise in interest rates,” said Howard Archer, chief UK and European economist IHS Global Insight.

“It may be that mortgage approvals had been lifted in recent months by a significant number of house buyers looking move quickly to try and lock in a low mortgage interest rate before they start rising.”

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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