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UK mortgage approvals bounce back from four-year low in January UK mortgage approvals bounce back from four-year low in January
(about 2 hours later)
The number of mortgage approvals for UK homebuyers bounced back from a four-year low in January, according to the latest data from UK Finance. The number of mortgage approvals for UK homebuyers recovered from a four-year low in January, according to the latest data from UK Finance.
The body, which collects data from British high street banks, reported that there were 40,117 approvals for house purchase in the month, following the slump to just 36,085 in December, which had been the lowest since April 2013. The body, which collects data from British high street banks, reported that there were 40,117 approvals for house purchase in the month, following the slump to just 36,085 in December – the lowest since April 2013.
UK Finance said this 11 per cent monthly jump reflected people taking advantage of mortgage deals on offer at the end of last year.UK Finance said this 11 per cent monthly jump reflected people taking advantage of mortgage deals on offer at the end of last year.
The data is likely to settle nerves about the sustainability of the UK housing market by presenting December’s decline as a blip rather than a trend, possibly reflecting a knee-jerk response from buyers to the Bank of England’s first interest rate rise in a decade in November. The data is likely to settle nerves about the sustainability of the housing market by presenting December’s decline as a blip rather than a trend, possibly reflecting a knee-jerk response from buyers to the Bank of England’s first interest rate rise in a decade in November.
But some analysts said its outlook was still weak, pointing to falls in new buyer enquiries reported by surveyors.But some analysts said its outlook was still weak, pointing to falls in new buyer enquiries reported by surveyors.
The Royal Institution of Chartered Surveyors reported that the net balance for such enquiries in January was –11 per cent, the 10th month in a row that the reading has been negative. The Royal Institution of Chartered Surveyors reported that the net balance for such enquiries in January was 11 per cent, the tenth month in a row that the reading has been negative.
“We’re reluctant to conclude that January’s bounce back in mortgage approvals means its back to business as usual for the housing market,” said Samuel Tombs of Pantheon.“We’re reluctant to conclude that January’s bounce back in mortgage approvals means its back to business as usual for the housing market,” said Samuel Tombs of Pantheon.
UK Finance also reported that consumer credit fell by 0.2 per cent in January, while net credit card lending was just £4m, down from £86m in the previous month. UK Finance also said that consumer credit fell by 0.2 per cent in January, while net credit card lending was just £4m, down from £86m in the previous month.
“Higher levels of repayments on credit cards...is expected at this time of year as customers pay off  their festive spending,” said Eric Leenders, of UK Finance. “Higher levels of repayments on credit cards ... is expected at this time of year, as customers pay off their festive spending,” said Eric Leenders of UK Finance.
But the news of a cooling will nevertheless hearten the Bank of England, where regulators have seeking to dampen unsecured consumer credit growth over the past year amid fears of a lending bubble. But the news of a cooling will nevertheless hearten the Bank of England, where regulators have been seeking to dampen unsecured consumer credit growth over the past year amid fears of a lending bubble.