30 May

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Mortgage approvals hit 2-year high as buyers get on the move

Mortgage approvals hit a two-year high in April as home buyers shrugged aside Brexit uncertainty and stuttering house prices to get on the move.

According to figures from UK Finance, the trade body for lenders, 42,989 mortgages were given the go-ahead last month, the most since February 2017. Those figures were up 6 percent on March’s figures and 11.5 percent higher than the same month a year ago.

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Increased confidence

Meanwhile, remortgage approvals also rose by 5 percent from March to April and up 11 percent on April 2018.

However, the actual amount of money loaned to home buyers was down from £2.4 billion in March to £1.8 billion in April, while the year’s lending dropped by 1.4 percent to £20.3 billion.

The approval figures suggest that home movers have more confidence in their own economic circumstances and those of the property market generally and are going ahead with their plans to move.

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Ready to move? Homeward Legal offers the certainty of high-quality, low-cost conveyancing services whether you are buying, selling or remortgaging.

Talk to our team now on 0800 038 6699 to get an instant, no-obligation quote. You can also compare quotes online to find out how much Homeward Legal can save you on essential conveyancing services.