Call 0141 337 1346
Existing clients tel 0141 337 1346
The value of gross residential mortgage lending was £21.6 billion in January 2019, 1.5 per cent lower than the same month the previous year (£21.9 billion), according to the latest figures from UK Finance.
This figure was nine per cent below the previous six-month average, however, was a growth of 1.8 per cent when measured on a monthly basis, with December 2018’s figure of £21.2 billion.
The number of mortgages approved by the leading high street banks in January 2019 gave a 0.3 per cent yearly increase.
Approvals for home purchase were 1.5 per cent up in January 2019, increasing from 28,739 in January 2018 to 29,159. This was an 11.5 per cent growth on December 2018’s figure of 26,145.
Remortgage approvals went from 24,384 in January 2018 to 23,618 last month, a 3.1 per cent decrease. However, over the month this grew by 14.4 per cent against the 20,653 approvals in December 2018.
Lastly, approvals for other secured borrowing were 6.8 per cent higher than the same month in 2018.
According to the trade body for mortgage lenders, this follows several months of strong growth in remortgaging earlier in 2018, as customers took advantage of a competitive mortgage market to lock into attractive deals.
John Goodall, Landbay chief executive, commented on the findings:
“This dip in lending is unquestionably linked to homeowners and landlords putting off the decision to put their property on the market. This ‘wait and see’ approach, entirely understandable in the current economic climate, is exacerbating the chronic undersupply of available housing.”
If you need first-class legal advice about your mortgage, do not delay and speak with a member of our specialist team today via the online contact form.
