The number of loan approvals for house purchase was 76,947 in January, compared to the average of 67,461 over the previous six months. The number of approvals for remortgaging was 36,398, compared to the average monthly increase of 35,248 over the previous six months. The number of approvals for other purposes was 13,050, broadly in line with the average monthly increase over the previous six months.
Mortgage lending increased by £1.4 billion in January, compared to the average monthly increase of £1.2 billion over the previous six months. The three-month annualised and twelve-month growth rates were 1.3% and 1.0% respectively. Gross mortgage lending was £17.2 billion and repayments were £15.5 billion.
Andy Knee, Chief Executive of LMS, comments:
“Mortgage lending in January raced past the average we’ve seen over the past six months, with house purchase loan approvals up over 5,000 since December. This strong start to the year sets the market in a hugely positive position for the months ahead, as thousands of savvy customers continue to take advantage of the plethora of attractive deals on offer that are energising the market.
“Similarly, remortgage lending also shot past its six month average continuing the resurgence we saw at the tail end of last year. With more customers taking heed of the range of products and rates available, remortgaging is now occurring at its most frequent since October 2009. We’re likely to see lending volumes continue the upwards ascent in the next few months until MMR kicks in – which could temporarily put the brakes on while the changes settle in.”
Andy Knee, Chief Executive of LMS, comments:
“Mortgage lending in January raced past the average we’ve seen over the past six months, with house purchase loan approvals up over 5,000 since December. This strong start to the year sets the market in a hugely positive position for the months ahead, as thousands of savvy customers continue to take advantage of the plethora of attractive deals on offer that are energising the market.
“Similarly, remortgage lending also shot past its six month average continuing the resurgence we saw at the tail end of last year. With more customers taking heed of the range of products and rates available, remortgaging is now occurring at its most frequent since October 2009. We’re likely to see lending volumes continue the upwards ascent in the next few months until MMR kicks in – which could temporarily put the brakes on while the changes settle in.”
