"The fact that both mortgage approvals and remortgage approvals were up on November last year showed a real resilience among homeowners and buyers."
The data shows that purchase approvals were 6.8% higher and remortgage approvals were 12.7% higher.
However gross mortgage lending across the residential market in November 2019 was £23.1 billion, 3.3% lower than in the same month in 2018.
Tomer Aboody, director of MT Finance, commented: "It is positive for the market that remortgages and mortgages for new purchases edged higher in November. This reflects sentiment in the market, which has been enhanced by a strong Conservative government coming in which will support the economy and housing growth. This, coupled with more direction for the Brexit saga, means consumer confidence should receive a further boost. We are yet to see what Brexit will actually look like and how it will impact the market next year but for now confidence is high.
"We are also keen to see what will be implemented in the Budget and what positive changes the government might bring in with respect to stamp duty, as this tax has ultimately led to market stagnation over the past 18 to 24 months."
Jonathan Samuels, CEO of Octane Capital, added: “The fact that both mortgage approvals and remortgage approvals were up on November last year showed a real resilience among homeowners and buyers.
“The General Election that overshadowed November was the most crucial for generations and yet a lot of people still got on with their lives.
“A growing indifference to Brexit was one likely driver but so, too, was the worry among prospective buyers that prices may rebound sharply during 2020. For first time buyers, prices rebounding is a particular cause for concern.
“While the General Election result was decisive, the full impact of Brexit remains to be seen.
“Price growth in 2020 is shaping up to be stronger than in recent years but a lot will depend on how the economy holds up as we formally exit the EU.”
