Credit, Collections & Insolvency News
Latest Bank of England data has found that the number of mortgage approvals fell to 66,200 in January, a decrease of around 300 from December. However, net mortgage lending rose by 27% to £4.2 billion – the highest since September 2022. The mortgage market remained busy in January, largely due to first-time buyers squeezing deals through ahead of the changes to stamp duty.
Approvals for remortgaging increased by 2,200 to 32,900, after falling for the previous two months.
Commenting on th figures, Richard Pinch, Senior Director, Risk at Broadstone said “January saw a surge in mortgage volumes, and despite a slight downturn in approvals, it reflects a buoyant housing market, with prices rising as many buyers rush to finalise purchases that they might otherwise have held out on ahead of the Stamp Duty uptick in April.
“While a succession of economic data has cast a dim outlook for the UK economy, the Bank of England looks set to cut interest rates at a faster than expected pace in 2025 with several major lenders already trimming down their mortgage rates, boosting support for mortgage borrowers.”
