Mortgage Approvals Down in December

January 30, 2015 by in category Mortgage News with 0 and 0

According to data from the Bank of England (BoE)mortgage approvals for house purchases fell to 60,275 in December suggesting a growing depression in the UK’s housing market.
Mortgage loan approvals were down 17% in December compared to 72,343 in December 2013.
Admittedly mortgage loan approvals slightly better on November where they reached 58,956, December approvals failed to exceed an average of 62,652 mortgages approved over the previous six months.
Whereas when it came to remortgaging figures were up in the last month of 2014, with the number of approvals at 32,912 compared to 31,924 over the previous six months.
To sum up overall mortgage lending also slowed in December with secured loans to individuals and lending to housing associations increasing by £1.6bn in December, compared to the average monthly increase of £1.9bn over the previous six months.
As regards the December growth in secured loans, they managed to surpass increases seen in September and October, where the market rose by £1.5bn and £1.4bn respectively.
Taking lending as in total, gross lending secured on dwellings was £16.6bn in 2014 and repayments were £14.6bn, with growth reaching 1.8% over the course of 2014.
Consumer credit lending also dwindled in December, but credit card lending increased by £0.3bn compared to £0.2bn in the previous six months. Lending for consumer credit grew overall by 6.7% over the course of 2014.

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