Overall mortgage lending grew in October according to UK Finance

November 26, 2018

Latest UK Finance’s Household Finance Update for October 2018 reveals that gross mortgage lending across the residential market in October was £25.5bn, some 5.6 per cent higher than last October.

Commenting on the data, Eric Leenders, Managing Director, Personal Finance at UK Finance, said:

“Overall mortgage lending grew in October, despite an uncertain economic environment, while house purchase mortgage approvals by the main high street banks were also up on the previous year.

“However remortgaging activity has softened, following a period of strong growth driven by fixed rate loans reaching maturity and anticipation of August’s base rate rise.

“Households are taking a measured approach to credit, with repayments on credit cards broadly in line with spending.

“This reflects the growing preference of customers to use their credit cards as a means of payment rather than a borrowing mechanism, making the most of additional consumer protections and value-added benefits.”

Read the UK Finance Household Finance Update – October 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

Breaking News

Changes to mortgage affordability to support sales as house price growth cools

House price growth has slowed to 1.6 per cent annually, down from 1.9 per cent at the end of 2024, as buyer interest cools and the number of homes for sale continues to expand Buyer demand is one per cent higher than a year ago, while the number of homes for sale is 12 per…
Read More →
Love or Hate Rightmove
Breaking News

Rents rise to new record despite boost in supply

The average advertised rent of homes outside of London has risen to a new record this quarter of £1,349 per calendar month (pcm), however it is the smallest increase in rents at this time of year since 2020: London rents also rise by 0.1% (+£3) to a 14th consecutive new record of £2,698 pcm this quarter…
Read More →
Breaking News

Size Matters in Planning

The House Builders Association (HBA), the housebuilding division of the National Federation of Builders (NFB) has reignited its campaign for the planning system to adopt five clear site size definitions, replacing the current, arbitrary ones of ‘Minor’ (one to ten homes) and ‘Major’ (ten and above). Richard Beresford, Chief Executive of the NFB, said: “In…
Read More →
Breaking News

Popping the Asking Price Bubble

Where in the Uk Can Buyers Snap Up Property Bargains and Where Properties Go for a Premium Above Asking Price   New research from fast selling property company, Upstix has uncovered the UK’s most surprising postcodes for snapping up a property at bargain prices this year, highlighting a widening gap between sellers’ expectations and the…
Read More →
Rightmove logo
Breaking News

Highest demand to lease office space since pre-pandemic

The latest insights from the UK’s number one commercial property website Rightmove, reveals that the number of unique enquiries to lease office space is at its highest point since pre-pandemic, as businesses look for spaces that meet modern requirements. Demand to lease office space is 19% higher than the same period a year ago and…
Read More →
Planning disputes on new build land
Estate Agent Talk

Planning consultations for major infrastructure to be streamlined

Robert Bruce, a planning and infrastructure partner at law firm Freeths LLP, said he: “Welcomed the change as a significant step to speeding up the DCO process and the focus on the quality and effectiveness of the consultation, rather than box ticking and a risk averse approach to pre-application consultation due to the current legal…
Read More →