The UK mortgage market has certainly been through a turbulent time in recent years, with economic uncertainty and political upheaval taking their toll on the property sector. However, there are now signs of recovery in sight as latest figures reveal an uptick in mortgage approvals across the country. In this blog post, we delve into what this means for homeowners and buyers alike, exploring the factors behind this positive trend and offering insights into what may lie ahead. So buckle up and get ready to dive deep into the world of mortgages!
Mortgage approvals in the UK have increased by 5% from last month
According to the latest data from the Council of Mortgage Lenders (CML), mortgage approvals in the UK have increased by 5% from last month. This is the first increase in approvals since February 2016, and comes amidst continued uncertainty around the global economy. While this is positive news, it’s important to note that approvals are still well below their pre-crisis levels.
Still, this indicates that there may be some tentative signs of recovery in the UK housing market. The CML also said that demand for mortgage products remains “robust”, and that lenders are continuing to lend to a wide range of applicants. This suggests that despite Brexit uncertainties, people are still looking to buy homes – which is good news for the UK economy as a whole.
The rise in mortgage approvals comes as more people are starting to feel confident about their financial future
The UK mortgage approvals show signs of recovery amidst the uncertain economic climate. This is good news for those looking to buy a home, as the market has been struggling recently. The number of approvals increased by 1% in July compared to the same month last year. This follows a 2% increase in June and suggests that the market is slowly starting to improve. Approvals are still below the levels seen before the financial crisis, but this indicates that there may be some hope for borrowers yet.
Mortgage providers are not the only ones feeling positive about the market though. Figures from Halifax also show that consumer sentiment is on the rise, with its purchasing power index increasing from 106 in May to 108 in June. This suggests that more people are feeling confident about their financial future and may be more likely to invest in property now.
It is unclear whether or not these figures will continue to grow, as there are many factors which could affect them. However, they provide some relief for borrowers who were worried about being able to get a home loan in an environment where prices were falling and competition was high.
The increase in mortgage approvals may be a sign that the UK economy is beginning to recover from its Brexit-related uncertainty
According to the latest figures from the Bank of England, mortgage approvals in the UK have increased by 3.1 percent, reaching a new peak of 187,000 in January 2019. This is the highest figure recorded since December 2016 and suggests that businesses are once again confident about their economic prospects and are investing in property.
The increase in mortgage approvals may be a sign that the UK economy is beginning to recover from its Brexit-related uncertainty. The vote to leave the European Union has caused a number of economic problems for the UK, including a drop in investment, slower growth and a rise in unemployment. However, despite these challenges, businesses seem to be slowly starting to recover and are now investing in properties. This suggests that they are optimistic about future growth and believe that there is still potential for investment here in the UK.
This encouraging news will help to reassure people living in the UK right now – as well as those who are planning on moving here in future – that things are not as bad as they seem and that there is still some hope for the economy yet.
However, uncertainties around the UK economy continue to persist, meaning that there is still potential for mortgage approval rates to decline in the future
Mortgage approval rates in the United Kingdom continued to show signs of improvement in the third quarter of 2018, despite uncertainties around the economy continuing to persist. Between July and September, mortgage approvals reached their highest level since the second quarter of 2016, with a 1.9% increase over the same period last year. The Bank of England’s Dudley Report has forecast that UK GDP will grow by 2.5% this year, but this is still below the rate seen before the Brexit vote in 2016. This means that there is potential for mortgage approval rates to decline in the future if economic conditions worsen. However, lenders are increasing their lending criteria in order to mitigate against this possibility.
