UPDATED

Gross mortgage lending hits 5-year high in February, but approvals for new mortgages falls

NEWS
COMMENTARY
GUIDE

We give market commentary when journalists or news outlets approach us directly for comment on specific topics. We share our commentary here too. See below.

In response to figures from the Bank of England's newly released Money and Credit analysis, which shows gross mortgage lending at a 5-year high, but new mortgage approvals down month-on-month.

"

In response to figures from the Bank of England's newly released Money and Credit analysis, which shows gross mortgage lending at a 5-year high, but new mortgage approvals down month-on-month.

“Today’s mortgage approval figures provide a brief look at what faces the market when the stamp duty holiday does finally expire.

The substantial drop in approvals seen during February will no doubt reverse due to the boost of a stamp duty holiday extension announced in the March Budget.

However, it starting to look more clear that when it does finally come to an end, buyer demand is going to wane.

When it does, the rate of house price growth is unlikely to be far behind, and so those thinking of selling are arguably best to do so now before this dip in property values hits.

It's also interesting to note that the drop in recent mortgage approvals was also mirrored in recent enquiry numbers for our "sell my house fast" service, which saw an uptick in February as mortgage approvals dropped.”

"

In response to figures from the Bank of England's newly released Money and Credit analysis, which shows gross mortgage lending at a 5-year high, but new mortgage approvals down month-on-month.

“Today’s mortgage approval figures provide a brief look at what faces the market when the stamp duty holiday does finally expire.

The substantial drop in approvals seen during February will no doubt reverse due to the boost of a stamp duty holiday extension announced in the March Budget.

However, it starting to look more clear that when it does finally come to an end, buyer demand is going to wane.

When it does, the rate of house price growth is unlikely to be far behind, and so those thinking of selling are arguably best to do so now before this dip in property values hits.

It's also interesting to note that the drop in recent mortgage approvals was also mirrored in recent enquiry numbers for our "sell my house fast" service, which saw an uptick in February as mortgage approvals dropped.”

See data & sources

This piece was also featured in PropertyNotify

IN THE NEWS

Browse coverage of this news piece

Our research, guides and commentary are picked up weekly by journalists at national and regional news outlets. See where this one has been covered so far.

A BIT ABOUT US...

Selling your home to Yes Homebuyers

  • Yes Homebuyers buy your home directly from you so you can sell your house fast and avoid waiting around to find a buyer on the regular market. 
  • We offer flexible timeframes to suit you and on average, complete a sale within 30 days. 
  • Yes Homebuyers' quickest completed purchase was made in six days. 
  • We guarantee the price we will pay, unlike some buying platforms who reduce their offer shortly before completion.
  • There are no fees or costs involved and we cover all legal fees involved.
  • There are no contracts or tie-ins even if you accept an offer, and no viewings to take care of.

IN THE NEWS

Latest Insights

We share our experts' weekly research articles free of charge.

Timely insights and analysis from our experts

Covering today's most important property topics

Featured weekly in national and regional news

As featured in

...AND MANY MORE

FREE VALUATION
No Obligation

Ready for a faster house sale?
Let's get started.

Get An Offer