View more on these topics

Bank reveals mortgage upturn in February

The Bank of England has revealed February monthly mortgage approvals were up nearly 20 per cent on January’s figures.

The increase in net lending secured on dwellings was higher than the January increase and the previous six-month average – the three-month annualised growth rate rose by 0.2 percentage points to 1.5%. The number of loans approved for house purchase, 37,937, was higher than in January and the previous six-month average.

Although purchases rose, approvals for remortgaging, 32,633 were lower than in January and the previous six-month averages.

Council of Mortgage Lenders economist Paul Samter says: “This is welcome news, but we will need to see a few more months’ figures before we can say with any confidence that market conditions are showing a fundamental improvement. Transactions remain historically very weak, and this makes it harder than usual to adjust the figures for the normal upturn that happens in the spring.”

Propertyfinder.com director Nicholas Leeming says: “Mortgage approvals are still far below their peak, but the 20 per cent improvement in February is further proof the housing market activity is picking up off the bottom, even if prices are weak.

“House prices may yet drift lower: buyer offered 9 per cent below the asking price in March, saving them around £15,000 on already lower asking prices.”

Recommended

Platforum lines up conference

The Platforum has unveiled the line-up for its wrap and platform conference in London in May.

Private matters

Smith & Williamson started life almost 120 years ago in Glasgow and has long combined accountancy and investment/banking arms in a single entity.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com