Figures show continued rise in mortgage approvals

February 6, 2024 by Mark

Surveys and Statistics

The latest figures to be published by the Bank of England (BoE) show that the final month of last year saw net approval numbers for both purchase loans and remortgages go up once again.

These figures reveal that purchase mortgage approval numbers hit 50,500 over the course of December, whereas the total number was 49,300 for the month before that. When it comes to remortgage approvals, the net figure for December was 30,800. By way of contrast, it was 25,700 for November. Overall, December marked the third month in a row that net mortgage approval numbers went up.

There are other optimistic signs for the mortgage industry included in the BoE figures. Levels of gross lending rose during December too, hitting £17.2 billion, whereas the total for November was £16.4 billion.

Furthermore, there was also a rise in gross repayment levels. The figure for these stood at £15.6 billion at the end of November, whereas it had risen to £19.1 billion by the end of the last month of the year.

Bluestone Mortgages marketing and sales director Reece Beddall told Mortgage Introducer that the figures reflect a feeling within the sector that buyers are become more positive, due to mortgage rate cuts and interest rates stabilising.

He added:

“We are seeing this momentum into January, marked by heightened competition among lenders as they continue to cut rates, boosting buyers’ confidence.”

These figures should ensure continued demand for the courses that a CeMAP training company offers to enable people to train as mortgage advisors.