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John Naronha

How is the housing demand in the UK affecting the mortgage approval rate?

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The number of mortgages approved by Britain’s banks for new house purchases rose to a seasonally-adjusted 42,653 in June from 42,047 the previous month, based on the revised data from UK Finance. While the mortgage approvals came in below analysts’ expectations of 42,900, June’s figures are a notch below April’s two-year highs of 42,792.

From the time Britain voted to leave the European Union in 2016, the country has witnessed robust consumer demand in spite of the housing market slowing down in London and the surrounding areas, prompting the chief economist of the Bank of England Andy Haldane to issue a statement saying that the housing market had bottomed out. On the other hand, loan approvals on dwellings for re-mortgaging rose from 28,748 in May to 28,806 in June while net mortgage lending too surged from £1.374bn to £1.579bn.

With Boris Johnson taking over as the UK’s prime minister amid clear signs that the country would exit the European Union one way or the other, the outlook for the housing market, along with a host of other key macroeconomic figures, remains uncertain in the near-term.

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Thank you for sharing a great article, I was interested to read it. I think that because of immigrants, especially from the EU, it has become difficult to find a job with decent pay. Moreover, the bank raises the mortgage rate, because of this unstable work situation. That's why it is difficult to get a loan to buy your own home with an acceptable mortgage rate. When I wanted to take out a mortgage, I realized that I would need professional help to avoid difficulties. So I found a professional broker on https://www.Birminghammoneyman.com who helped me find a great deal with a good rate and I was able to afford my dream home.

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I expected that the demand for housing in the UK would slow down after the Brexit. But it didn't, and the prices now are even higher. I want to apply for a mortgage, but I'm not sure that it is the right moment.

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Posted (edited)

Well, this subject was way past my knowledge, but with all the COVID pandemic, I got myself in the situation that I was in deep need of a mortgage loan. From what I have heard before is hard to find a reliable and trustworthy company. That's why I spent a lot until I reached a valuable later life lending company. They are experienced and know how to work with the public. What I admired the most was that, explained me detailed the information and came up with great suggestions. They give excellent terms, which will provide me a sweet and peaceful retirement.

 

 

 

 

 

 

 

 

Edited by Tim Coleman

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