Number of mortgage approvals rises for October

The number of mortgage approvals was 69,630 in October 2.2% higher than the average over the previous six months although lower than the number approved in August, according to statistics released by the Bank of England.

The number of remortgages approved rose to 39,629 from a six month average of 38,430.

Richard Sexton, Director of e.surv chartered surveyors said: “Lending is hovering around the 70,000 monthly advances mark – a sign of sustainability after a year in which the General Election heralded new housing policies and in which MMR [Mortgage Market Review] continues to bed in.

“The market is stable and lending at all ends of the spectrum continues – with a good proportion to first-timers getting on the ladder.

“The next few months could see the end of what many would say has been a golden era for buy-to-let – with new purchase charges coming into force next April. In the short-term, this could spur a rush of lending from landlords wishing to push purchases through before the deadline.

“The other changes newly introduced – more building and London Help to Buy – are perhaps likely to have less of an immediate impact and neither are being cited as having the ability to upset the pattern of strong and steady lending at this point.”

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