Mortgage approvals decline slightly between January and February according to e.surv

March 26, 2018

The latest Mortgage Monitor from e.surv, one of the UK’s largest residential chartered surveyors, shows there were 66,364 mortgages approved (seasonally adjusted) during February 2018.

Mortgage approvals decline slightly between January and February with  growth in number of first-time buyers and small deposit mortgages.

e.surv reveals that this month’s approvals are 1.25% lower than in January 2018 and down 2.6% compared to last February.

Richard Sexton, a Director of e.surv Chartered Surveyors, comments:

“While the number of approvals fell slightly in February, this came after two stellar months for the UK mortgage market – prompted by a rise in the Bank of England base rate at the end of last year.

“Activity is expected to pick up again in future months as existing homeowners continue to feel the cost of increased mortgage payments in their pockets.

“Attention will also turn to when the next base rate rise takes place, with many experts predicting this for the late spring or early summer. However, with the recent Spring Statement announcing Stamp Duty relief has helped over 60,000 first-time buyers, market conditions are still very favourable right now for those looking to take their first steps.”

Richard Sexton, a Director at e.surv Chartered Surveyors, concludes:

“Buyers in London and southern areas typically have a much larger amount of equity than those in northern parts of England.

“These markets are all dominated by large deposit buyers.

“By contrast, the Northern Irish property market is home to a greater proportion of small deposit mortgage approvals than anywhere else. Coupled with the lower purchase price, this is a great place for first-time buyers to get onto the ladder.”

Read the e.surv mortgage monitor 21 March 2018 in full click here.

 

 

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.

You May Also Enjoy

bank of england interest rate
Breaking News

Bank of England Money and Credit – December 2024

These monthly statistics on the amount of, and interest rates on, borrowing and deposits by households and businesses are used by the Bank’s policy committees to understand economic trends and developments in the UK banking system. Key points: Net borrowing of mortgage debt by individuals rose by £1.0 billion, to £3.6 billion in December. Net…
Read More →
Breaking News

Housing market gets off to its strongest start in three years, with new sales agreed up 12 per cent on 2024

The 2025 sales market has got off to a stronger start than in 2024 or 2023 with buyer demand up 13 per cent and 10 per cent more homes for sale Rising sales are supporting UK house price inflation which is +2.0 per cent in the year to December 2024, compared to -0.9 per cent…
Read More →
for sale sign london
Breaking News

Westminster council must outline how their proposals on property boards will not hinder market

Westminster City Council must explain how their proposals to renew the existing Regulation 7 Direction and expand it to the whole borough will not hinder the sales and lettings markets, Propertymark argues. At present, some areas of Westminster are subject to a Regulation 7 Direction, which means consent from the Council is needed to display…
Read More →
Breaking News

National Federation of Builders View on Chancellor’s Speech

At the Autumn Budget 2024, Chancellor Reeves scaled back her interference in the planning process. However, in her speech today, she returned to the position that a well-functioning planning system is crucial to not only enabling growth but, more importantly, sustaining it. Richard Beresford, Chief Executive of the National Federation of Builders (NFB), commented: “The…
Read More →
Letting Agent Talk

Landlords and Tenants: A Balanced Relationship in the Private Rental Sector (PRS)

New findings from Leaders Romans Group’s (LRG) latest survey reveal a balanced picture of landlord-tenant relations in the UK. Contrary to negative stereotypes often portrayed, the data shows that tenants view their landlords positively while highlighting areas for improvement in communication and responsiveness. The survey found that 55% of tenants believe their landlord provides quality…
Read More →
Estate Agent Talk

Government Correct to Head Off Climate and Nature Bill

The ‘Climate and Nature Private Members’ Bill’, brought forward by Dr. Roz Savage MP, seeks to set new legally binding targets for climate and nature, as well as give the Secretary of State a duty to implement a strategy to achieve these targets. The National Federation of Builders (NFB) has worked closely with Government’s old…
Read More →