Mortgage approvals steady into November

Lending for house purchase remained steady into November with the number of approvals 3% above the average over the last six months.

According to the Bank of England, the number of loan approvals for house purchase was 70,410 in November, compared to the average of 68,428 over the previous six months.

The number of approvals for remortgaging was 39,161, in line with the average over the previous six months. The number of approvals for other purposes was 11,934, compared to the average of 11,522 over the previous six months.

Richard Sexton, Director of chartered surveyor e.surv, said: “Mortgage lending remains stable as it continues to benefit from the improving economic climate. Overall lending in November was up by circa 3% compared to the previous 6 months, with remortgaging levels delivering a healthy contribution to the total.

“For first-time buyers, 2016 may bring both opportunities and hurdles. Those looking to get on to the property ladder should be encouraged by consistent lending levels, but small deposit borrowers need to remain a priority for lenders.

“A stable market and measures such as MMR and Help to Buy continue to play their part – however increases in house prices and any upward movement in interest rates later in the year would create challenges particularly for the FTB sector.”

Today's Conveyancer