UK Mortgage approvals at lowest for over a year

August 1, 2016

Figures out from the Bank of England (BoE) at the end of last week showed that UK mortgage approvals fell to their lowest level in more than a year in June.

This added to the suggestion that the housing market had slowed down prior to the EU referendum, demand had already weakened since the stamp duty surcharge introduced in April.

Approvals for loans for house purchase dipped from 66,722 in May to 64,766 in June, down 3% and below the expected figure from analysts of 65,650, net mortgage lending climbed to 3.3 billion pounds in June.

The number of remortgage approvals was 43,102 in comparison to the 41,592 average for the last six months.

Buyers appeared hesitant before the vote but following the  decision to leave the EU  many people  pulled out of deals or looked to renegotiate prices, fearing that home values will fall as a result to Brexit.

 

 

 

 

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

2026 Will Test BTR’s Potential and Government’s Resolve

By Justine Edmonds, Head of Build to Rent / Leasing Strategies, LRG Throughout 2025 I have spent hours in meetings with and on discussion panels with institutional investors, developers and local authorities. And everything I’ve picked up on in the last year suggests that 2026 will be a crossroads for Build to Rent (BTR). The…
Read More →
Breaking News

December Cash Buyers on the Decline

So is a sale before Christmas still possible? New analysis from Springbok Properties reveals that the number of cash buyers declines in December, so any sellers who are keen to secure a quick sale ahead of Christmas might need to explore different avenues. Springbok Properties have studied historic data on the estimated number of cash…
Read More →
Breaking News

Rental demand drops to six-year low

Rental demand drops to six-year low as supply improves and rental growth slows to 2.2 per cent reports Zoopla   Demand for rented homes has fallen by a fifth over the last year and is the lowest for six years. There are 15% more homes for rent than last year, boosting choice for renters UK…
Read More →
Christmas Decorations - Good or Bad for Selling
Breaking News

Christmas move-in rush drives short-term rental spikes

Christmas move-in rush drives short-term rental spikes, while year-on-year affordability remains largely unchanged Year-on-year trends remain relatively stable, with most regions showing small changes in rent levels and required salaries. Short-term rental volatility is now the dominant driver of affordability shifts, with North East, Wales, South West, Yorkshire & Humberside, and parts of the Midlands…
Read More →
Breaking News

Dwelly reveals the strongest rental market for current returns

The latest research from Dwelly has highlighted which pockets of the British rental market are currently providing landlords with the greatest returns, helping them combat the incoming tax hikes announced in last week’s Autumn Budget. Dwelly analysed the latest Government house price data alongside the most recent rental market figures from the ONS to identify…
Read More →
Estate Agent Talk

How to find out when a property was built and why it’s important to know

A leading provider of niche and specialist insurance to the home insurance market, Stanhope, has provided a step-by-step guide to finding out when a property was built and explained why it is so important for the homeowner to know its age. Matthew Ashton a Director of Stanhope said: “Knowing the property’s age is crucial for…
Read More →