First Time Buyer
Mortgage lending dips in June
The central bank reported that £21.8bn of new mortgage lending was completed last month – down from £22.2bn in May and £21.9bn in June 2018.
However, the total completed in the 12 months to June remained steady at £268bn.
The bank also reported a slight increase in the number of mortgage approvals for house purchase and remortgaging.
Purchase approvals were up by 800 to 66,400 with remortgaging approvals growing to 47,000.
But the bank tempered expectations with this data, adding: “Notwithstanding these small rises, mortgage approvals remained within the narrow ranges seen over the past three years.”
Stability key factor
Tim Waterlow, development director of lifetime mortgage provider Responsible Lending, noted that stability was the underlying trend for June.
“It is clear that people are so used to political uncertainty that the resignation of a prime minister was never going to register,” he said.
“Brexit has not proven to have had a significant impact on the market, and a change of leadership has been noticed about as much as someone stepping off a bus.
“Lenders are still offering good rates, and the incentive is still there to move, grab the first rung on the ladder or lock in rates that are still relatively low by historic standards.”
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