Mortgages still low Thursday, 5th January 2012

According to the Bank of England mortgage approvals are still less than half the level recorded in the run up to the banking crisis in 2007.

Further more house lending rose by £0.6bn, less than the previous six-month average of £0.7bn.

Whereas gross lending secured on dwellings was £12.6bn in November, higher than the previous six-month average of £11.7bn.

Looking at the figures for November they were £11.6bn, higher than the previous six-month average of £11.2bn.

Swithcing to remortgages the number of approvals decreased in November to 31,154, lower than the previous six-month average of 32,448.

this shows that the mortgage market stunted

The drop in the number of remortgages may possibly reflect how people are confident that interest rates are going nowhere for quite some time.