View more on these topics

Mortgage approvals dip slightly in August

The total number of mortgage approvals for house purchases fell slightly in August compared to the previous month, falling from 99,824 to 99,234, according to data from the Bank of England.

The figure was also below the previous six-month average, which stands at 100,352, while the value remained at £11.2bn for August.

House purchase approvals also dipped slightly, falling from 48,346 to 47,372 between July and August. The total value of approvals for house purchase fell from £7bn to £6.7bn. The average for the previous six months stands at 48,619.

The total number of approvals for remortgaging increased in August. There were 28,042 approvals, up from 27,520 in July, while the total value remained at £3.6bn. The previous six-month average is 26,765.

Total net lending to individuals rose by £1.5bn in August. The twelve-month growth rate increased by 0.1 per cent to 0.9 per cent.

E.surv business development director Richard Sexton says: “There’s no need to panic or start industry wide hand-wringing; these stats are not proof we are about to plummet into a massive housing crash, whatever tomorrow’s headlines say.  No doubt, some lenders are pausing for thought ahead of Government led cuts before committing to new lending.  

“Undoubtedly, lending is constrained, but this can’t last forever – for every month with disappointing lending figures, we are effectively seeing an increased unsatisfied demand grow.  Market forces dictate that this will reach a level which will encourage profitable and sustainable lending to return in the future.”

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