Mortgage approvals at lowest for 18 months
August 31, 2016
According to figures out yesterday from The Bank of England (BoE) the number of mortgages approved by banks and building societies is at its lowest for 18 months.
New mortgages approved in July totalled 60,912 down from 64,512 in June, the lowest total since Januray 2015 and a 12.4% drop in the number of mortgage approvals on the same month a year ago.
The total amount lent out for house purchases was £10.4bn, down from £11.1bn in June.
Remortgaging increased to 43,084 in July, that is up on the average of 41,887 over the previous 6 months.
You May Also Enjoy
Strong rental supply continues amid seasonal slowdown in demand
Rental supply remained resilient in October, continuing the strong trend seen throughout 2025. Overall, year-to-date figures show new listings up 10% compared with last year, highlighting a sustained improvement in market supply. Average rents edged down by 3% in October 2025 compared with September 2025, settling at £575 per week. This slight dip aligns with…
Read More 
Why Choose Wooden Blinds for Your Home?
When it comes to selecting the right window treatments for your home, wooden blinds have long been a popular choice for many homeowners. They not only offer a classic and timeless aesthetic but also provide practical benefits such as durability, versatility, and eco-friendliness. If you’re looking for window coverings that combine style with functionality, wooden…
Read More 
Falling rates and rising wages ease first-time buyer challenge
Typical first-time buyer home now costs 5.9 times average earnings – the lowest ratio since 2015 Average monthly mortgage payment is now £1,087 – around £259 less than renting Inverclyde in Scotland is the most affordable location in Britain, Kensington and Chelsea in London the least affordable Amanda Bryden, Head of Mortgages, Lloyds: “Lower mortgage…
Read More 
Mansion Tax on Homes over £2 million
Comment on Mansion Tax being introduced for homes over £2 million and £5 million from April 2028 Colleen Babcock, Rightmove’s property expert says: “The property market needs less taxation not more, to encourage and enable movement. Today’s announcement of a Mansion Tax could lead to some distortion at the top end of the market, particularly…
Read More 
Autumn Budget 2025: Property Industry Reacts
The Autumn Budget has confirmed a series of major housing and property tax reforms that will reshape the market over the coming years. The measures place particular emphasis on higher value homes, revised council tax structures and long term planning reform. Below is a breakdown of the announcements that directly affect the property market, together…
Read More 
Solutions to fix construction skills
The Centre for Social Justice (CSJ) has released a report titled, ‘Skills to Build: Fixing Britain’s construction workforce crisis.’ After speaking to several organizations and having roundtables to garner a wide understanding of the sectors’ perspectives and needs, they have proposed twenty six recommendations that will fix the issues underpinning the skills crisis. Richard Beresford,…
Read More