Mortgage approvals in January

March 3, 2016

UK mortgage approvals reached a 2 year high in January according to data recently released from The Bank of England, mortgage approvals for house purchases were  numbered at 74,581 in January from 71,335 in December.

Consumer credit is also on the rise, many households spend  more as they see the value of their home rise which is happening across the country, this is a pattern that has been played out before in the house boom cycle, consumer credit grew by 1.564 billion pounds according to the Bank of England.

The Bank of England has said it may raise the amount of money banks are required to put aside to cover their lending as the economy continues its recovery from the financial crisis.

Stricter controls are planned by the Governement on buy-to-let mortgages, they are expected to allow the  (BOE) to  curb lending to landlords, this will bring the rules into line to be the same as those applying for a residential mortgage, this is expected to dampen overall mortgage demand, net mortgage lending  rose by 3.73 billion pounds in January.

 

 

 

 

 

 

 

 

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

Breaking News

Renters’ Rights Act: A review of the first six months

Ahead of the Renters’ Rights Act (RRA) coming into force on May 1st, there were many concerns across the industry. Landlords were probably most worried about the removal of section 21 and fixed-term tenancies, fearing it would be harder and take longer to remove troublesome tenants and regain possession of their properties. Widespread predictions were…
Read More →
Breaking News

Private rent and house prices, UK: October 2026

Average UK monthly private rent increased by 3.8%, to £1,406, in the 12 months to September 2026 (provisional estimate); this annual growth rate is unchanged from the 12 months to August 2026. Average rents increased to £1,466 (4.0%) in England, £848 (4.1%) in Wales, and £1,011 (0.7%) in Scotland, in the 12 months to September…
Read More →
Breaking News

First-time buyer affordability improves across the South West

The latest research by Lyons Bowe has found that first-time buyer affordability, measured against the national average price paid by first-time buyers, has improved across the South West over the past decade, despite rising property prices. More than half (53.8%) of the region’s local authority areas now have average first-time buyer property prices below the England…
Read More →
Breaking News

Breaking Property News 20/10/26

Daily bite-sized proptech and property news in partnership with Proptech-X.   Rightmove’s £1.45bn forty minute lawsuit Thought leadership by Olivier Jauniaux Founder of NestLink ‘It takes about forty minutes to find a house on Rightmove according to the portal’s own disclosure. You set the filters, you scroll, you save three, you send one to your partner with the…
Read More →
Breaking News

The six shocking ways first-time buyers are being caught out

Unexpected costs hit 70% of first-time buyers, causing rising anxiety for almost a third of people Over 60% of buyers also face mortgage rejection when finding their dream home Solicitor delays and “waiting around” among the highest drivers of anxiety and stress The First Time Buyer Anxiety Index 2026 delves into the main pain points…
Read More →
Breaking News

FTBs reveal real cost of homeownership

Six in 10 first-time buyers say getting onto the property ladder came at the expense of their quality of life From holidays and hobbies to careers and starting a family, first-time buyers reveal the true cost of homeownership New research by Yopa has revealed that 61% of first-time buyers say saving for their first home had…
Read More →