The number of mortgage approvals for home purchases increased for the sixth month in a row and was up 5.4 per cent year-on-year, according to new data from UK Finance. Commenting on the findings, Dilpreet Bhagrath, mortgage expert at online mortgage broker Trussle, said: "The decrease in gross mortgage lending across the residential market could come as a result of subdued growth in house pricing this year.
Mortgage approvals — where a consumer is told they are eligible for a mortgage but is yet to actually borrow the money — are typically an indicator of how the future mortgage market will fare as these consumers are likely to go on to borrow the funds in the upcoming months. Figures from the trade body’s household finance update, out today (May 28), showed that 44,034 approvals were made in April 2019 — up 5.4 per cent on last April — while remortgage approval rates were up 2.2 per cent to 29,014. Gross mortgage lending was down 1.4 per cent year-on-year however, as lending across the residential market fell to £20.3bn. High-street banks accounted for the majority of this decline as their market share fell 3.6 per cent compared to the wider market’s 1.4 per cent drop.
https://www.ftadviser.com/mortgages/2019/05/28/mortgage-approvals-increase-for-sixth-month/
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