Home Loans Up For First Time in Over a Year

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Mon, 03 Nov 2008

New figures have shown that the number of mortgage loans taken out rose for the first time in over a year in September. The latest Lending to Individuals report from the Bank of England has shown that 33,000 mortgage approvals were made in September, compared to the 32,000 granted in August. There was also an increase in the number of people who remortgaged their homes, with 72,000 remortgages during September. That figure represents a 12.5 per cent increase on the previous month’s 64,000 approved remortgage deals.

Net mortgage lending value is estimated to have increased by £2.2 billion during September, exceeding expectations that had been dimmed following the monthly fall of £700 million from July to August. Similarly, however, the figure is well below the figures from the previous year.

Whilst the figures remain below the six month average, the report labelled the increase as a ‘welcome improvement’, whilst Investec economist David Page told Reuters, ‘The mortgage approvals data show a market bumping around on the bottom. This is certainly nothing like an inflection point and we see this demonstrating an economy that is severely credit constrained’.

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