Compared to the average monthly increase of £1.0 billion over the previous six months, the three-month annualised and twelve-month growth rates were 1.0% and 0.8% respectively. Gross lending secured on dwellings was £16.1 billion and repayments were £14.9 billion.
The number of loan approvals for house purchase was 70,758 in November, compared to the average of 62,999 over the previous six months. The number of approvals for remortgaging was 34,642 compared to the average of 34,405 over the previous six months. The number of approvals for other purposes was 13,101, similar to the average over the previous six months.
Brian Murphy, head of lending at Mortgage Advice Bureau, comments:
“The number of mortgage approvals experienced a late surge in November, with loan approvals for house purchase at 70,758 compared to an average of 62,999 over the previous six months. This underlines a successful year of mortgage lending in 2013, with consumer confidence and market growth rising steadily throughout the past twelve months.
“Heading into the New Year, the market looks set to continue its upward trajectory even with the Funding for Lending Scheme stimulus coming to an end. More lenders are engaging with Help to Buy, and even those who don’t can benefit from improved funding markets and an increased appetite for high loan-to-value loans. The value of mortgage lending increased by £0.9 billion in November, a sure sign that funding is out there for those house hunters looking to make a fresh start in the New Year.
“As the market continues to improve, it’s important that buyers are not priced out of the market. However, the decision to remove the Funding for Lending Scheme demonstrates an ongoing commitment to monitoring house price growth so that growth is measured rather than meteoric. The move positions the Bank of England firmly on the side of borrowers, and close supervision should ensure a fair and affordable housing market for consumers in 2014.”
