You are here: Home - Mortgages - Buy To Let - News -

Bank of England data shows mortgage market slowdown

0
Written by: Owain Thomas
31/05/2017
Approvals for house purchase and remortgaging loans fell further in April, according to data from the Bank of England.

A total of 118,370 loans for house purchase and remortgage were approved in April, down from 127,745 in January.

Remortgaging was hardest hit (down 11%) with house purchase loans slightly less badly affected (down 6%). (See table)

The drops were another indication of the slowing property market around the country since the start of 2017.

Perhaps encouragingly, gross mortgage lending was £21.3bn for April, up slightly on the previous month (£20.9bn) and the six-month average (£20.6bn).

BoE-data-April17-3

Not unexpected

The falls were not unexpected considering the snap general election and ongoing Brexit uncertainty, said Jonathan Sealey, CEO of Hope Capital, a bridging loan company.

“It’s promising to see that gross mortgage lending in April was higher than the six-month average, suggesting that the UK’s housing market has once again remained steady.

“The months and weeks that precede such an event [the election] are typically and understandably quieter, as housing demand drops as more people adopt a more cautious approach.

“However, it is likely that activity will soon again pick up afterwards, and now that the main political parties have outlined significant housing promises in their manifestos, the elected government must follow through with their housing election pledges in order to tackle the housing crisis head on.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

Coronavirus and your finances: what help can you get?

News and updates on everything to do with coronavirus and your personal finances.

Everything you need to know about being furloughed

If you’ve been ‘furloughed’ by your company, here’s what it means…

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Consumer confidence rises but squeeze could be on the way

Consumer confidence increased in May despite rising inflation and a slowdown in wage growth.

Close