Mortgage Approvals Surge Ahead Despite Brexit

Home buyers seem to have tired of waiting for Brexit and have forged ahead with purchases leading to the highest number of approvals since 2007 with £9 billion pounds of mortgages being approved.  

A massive 43,000 home loans were approved which, according to the Industry Group, UK Finance, is the highest tally in 12 years. Taking into account seasonal adjustments, to give a true indication of month on month activity, the numbers were up 6% and more than 11% compared to April 2018. 

Additionally the value of the mortgages borrowed has increased to an average of £203,400. This is the second highest sum recorded. 

Remortgage numbers have also seen a bounce with 31,000 homeowners looking for revised deals. This figure represents the highest number since 2017.  

In further economic news consumer borrowing seems to show signs of stabilising whilst credit card lending rose by 4.1% compared against 4.3% in March.

Hansen Lu at Capital Economics said, "Some buyers who were sitting on the fence may have committed to buying after the near term risk of a no deal brexit passed in March". Other observers have suggested that Brexit has become less of an obstacle as buyers tire of the subject as a whole.  

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Solicitors in Wilmslow