UK Nov mortgage approvals unchanged at 67,000 - BoE

UK mortgage approvals for house purchases in November remained remained relatively unchanged at 67,000, the lowest since June 2020’s 40,500, the Bank of England said on Tuesday.

The figure was close to the 12-month average up to February 2020 of 66,700. Approvals for remortgaging with a different lender rose to 44,500 in November, still low compared to the 12-month average up to February 2020 of 49,500, but the highest since February 2020’s 52,500, the bank added.

Net borrowing of mortgage debt by individuals increased to £3.7bn in November, from £1.1bn in October. November’s increase follows low net lending figures in October after borrowing was brought forward to September to take advantage of stamp duty land tax relief, before it was completely phased out.

The net borrowing in November was however £2.9bn below the 12-month average to June 2021, when the full stamp duty holiday was in effect.

Gross lending increased to £22.1bn in November, from £19.5bn in October. Gross repayments rose to £19.4bn from £18.2bn in October.