View more on these topics

Net mortgage borrowing jumps in June: BoE

New figures from the Bank of England show that net mortgage borrowing hit £3.7bn in June, up from £2.9bn in May.

However, despite this sharp month-on-month rise, the total was only close to the average of the previous three years, and the annual growth rate remained at 3.1 per cent, around which level it has sat since 2016.

Approvals for house purchases also rose, from 65,640 in May to 66,440, with the value increasing from £12.7bn to 12.9bn.

There was a similar story with remortgaging numbers, rising only slightly in number, from 46,820 to 46,970, with the value remaining at £8.2bn month-on-month.

Phoebus Software sales and marketing director Richard Pike points to this rise in remortaging when he says: “When remortgaging has been the one thing that has held the market up for such a long time, it was surprising to see the number of purchases increase recently while remortgaging fell [over the last few months].

“We wait to see if this is a seasonal blip of whether the purchase market is truly beginning to make headway again.”

Recommended

housing market

New homes sold as leasehold drops 9.1%: ONS

In England and Wales, the number of new homes sold as leasehold fell from 13.3 per cent in 2017, to 4.2 per cent in 2018, according to the Office for National Statistics. In 2018, 3,242 new homes and 41,686 existing homes were sold as leasehold in England and Wales. The North West of England recorded […]

Newsletter

News and expert analysis straight to your inbox

Sign up
Close

Why register with Mortgage Strategy?

Mortgage Strategy continues to be the market-leading B2B mortgage publication in the UK, and provides trusted, independent insight with the aim of helping, promoting and analysing the latest developments for mortgage professionals.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Mortgage Strategy Events
Be the first to hear about our industry leading conferences, awards, webinars and more.

Research and insight
Take part in and see the results of Mortgage Strategy's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now