Remortgaging rises but new loans hit a low

1st December 2017

Figures from UK Finance show that £23.1bn was lent for mortgages in October, a 14% increase on the same month last year. The data shows that remortgaging hit an eight year high ahead of the Bank of England’s interest rate increase, climbing to 34,036 from 30,499. However, new mortgage approvals for house purchases hit a 13-month low, dipping to 40,488 in October from September’s 41,576, with the total down 3% on that seen in October 2016. UK Finance said that with an average of around 100,000 transactions a month, housing market activity in 2017 is set to follow a pattern seen since 2014. Howard Archer, the chief economic adviser to EY Item Club, said the mortgage approval figures were the latest evidence of "lacklustre housing market activity".

The Daily Telegraph (24/11/2017)   The Times (24/11/2017)