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

Love or Hate Rightmove
Breaking News

25,000 first-time buyers set to miss stamp duty deadline and complete in April

Over 25,000 first-time buyers in England who are currently going through the process of legally completing on a property purchase are predicted to miss the stamp duty deadline on March 31st, and complete in April Nearly 74,000 movers in England in total are set to miss the deadline and complete in April, with a collective…
Read More →
Estate Agent Talk

How Property Part Exchange Works: A Step-by-Step Guide

When it comes to selling your home and buying a new one, the process can often be complex, stressful, and time-consuming. However, property part exchange offers a convenient solution for homeowners looking to move without the hassle of a traditional sale. In this guide, we’ll walk you through how property part exchange works and why…
Read More →
Letting Agent Talk

Understanding the Decent Homes Standard: What Landlords Need to Know

As a landlord, ensuring your rental property meets the Decent Homes Standard is essential for maintaining compliance, keeping tenants satisfied, and protecting your investment. With evolving regulations and increasing tenant expectations, landlords in Banbury must stay informed about their responsibilities. Whether you’re new to the rental market or a seasoned investor, understanding these standards can…
Read More →
How to add value to your home
Home and Living

The Ultimate Checklist for Preparing Your Home for Viewings

Selling a home is an exciting journey, but to attract potential buyers and secure the best offers, it’s essential to present your property in its best light. Whether you’re selling through Belvoir or looking to attract renters, a well-prepared home can make all the difference. Follow this ultimate checklist to ensure your home is ready…
Read More →
small house bird box
Estate Agent Talk

Families can move up the property ladder by paying 1% more in this city

Families in Suffolk can take a significant step up the property ladder with minimal financial stretch, as the team at Suffolk Pocket Door Company reveal that upgrading from a terraced house to a semi-detached home in West Suffolk costs just 1% more on average. Here Carl Benson, owner of Suffolk Pocket Door Company comments. Why…
Read More →
Breaking News

Breaking Property News 20/02/25

Daily bite-sized proptech and property news in partnership with Proptech-X. Roome celebrates four years of helping students and growing universities’ revenue James Buck, co-founder of Roome sums up the 48-month journey so far, ‘Four years ago, we launched an app Owen Redman and I wished we had at university – a tool to make shared living not…
Read More →