Mortgage approvals for house purchase rose to 52,982 in October, the Bank of England has said.
The figure was an improvement on September’s figure of 50,415 and was the highest since January. However, it was still only about half of the monthly average of 103,000 in the decade to 2007.
October’s improved figures were stronger than expected, and analysts said it could be a sign that the Funding for Lending scheme is beginning to take effect.
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Comments
Wonder what value and/or valuations those mortgages are at.
Little point in giving out 50k mortgages if they are only for £100k each on 80% LTV; wont do the market any good.
But this is the kind of 'press release' news that we've come to expect.
The only figure that we are all really interested in is new mortgages for purchase - presumably these figures inlude re-mortgages as well and given the storming deals and easing of LTV criteria by a number of lenders there could be a swathe of re-mortgages skewing these figs - unless someone knows different?
You can probably believe both figures. The BoE reports on all mortgage approvals, but the British Bankers Association reports figures for high street banks only. The difference in the two figures is the building societies and Nationwide has been lending a lot more this year. Hope that helps.
Sorry not EAN (Estate Agency News) but EAT (Estate Agency Today
Two days ago EAN reported
Unexpected lift in mortgage lending by high street banks
High street banks approved 33,039 mortgages for house purchase in October. The figure was up from the 31,544 the month before and an improvement on the six-month average prior to October of 29,984. The jump was higher than expected, with analysts having predicted a rise to 32,000.
Today EAN says
Mortgage approvals for house purchase rose to 52,982 in October, the Bank of England has said. The figure was an improvement on September’s figure of 50,415 and was the highest since January.
Which one do we believe??????