Stats show mortgage approvals rise

April 10, 2024 by Heidi

Surveys and Statistics

Figures for February show that the month brought a further rise in the number of residential mortgage loans that were approved, making it the fifth monthly rise in a row.

The figures were issued by the Bank of England as part of its Money and Credit report. The total number of residential loans to be approved during February was 60,400. By comparison, the total for the month before was 56,100. The increase seen for February was the largest month-on-month rise in mortgage approvals that the market has witnessed since September of 2022.

On top of this latest rise in new mortgage approvals, February also brought an increase in remortgage numbers. A total of 37,700 remortgage deals with a new mortgage lender were approved over the course of the month, compared with 30,900 in January.

Net mortgage borrowing for the month was £1.5 billion, whereas net borrowing for January stood at £1.1 billion. That means February saw the highest borrowing total since the £1.9 billion figure recorded for January of 2023. While net mortgage lending growth was still in negative territory, on -0.1%, it improved on the -0.2% figure for January.

Talking to Financial Reporter, Reece Beddall from Bluestone Mortgages said:

“This is a pivotal moment in the market and we are beginning to see consumer confidence return as lenders look to secure mortgages and achieve their homeownership goals.”

The brightening picture should ensure that the number of people who take CeMAP training courses so that they can become mortgage advisors stays at a high level.