Home Loan Approvals Double in December

Fri, 29 Jan 2010

Mortgage approvals more than doubled last month compared to December 2008, with analysts lauding the importance of the figures, which they claim demonstrate that the UK is emerging from recession. 45,897 loans were approved for house purchases last month, taking the total number of mortgages approved by banks and lenders to 980,000 for the year. While that figure is the lowest since records began in 1997, and 27 per cent lower than in 2008, this slump can largely be explained by the extremely poor figures in the first half of the year.

There was, however, a significant fall in the number of remortgages during 2009, which fell by 63.3% to 23,480 compared to 2008. This decrease contributed to an overall fall in lending, as did weak demand for personal loans, and a fall of more than 9 per cent in both spending and repayments on credit cards . Despite the poor interest rates offered on savings accounts, meanwhile, savings deposits increased by £23 billion in 2009.

The British Bankers’ Association have warned that while December’s figures are promising, showing a 6 per cent increase in mortgage advances, they warned that the figures may have been inflated by the number of people seeking to complete purchases before the government’s stamp duty holiday expired.
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