Mortgage approval rates at four-year high
- 7th February 2020
- Buying Property News
6.3% rise in mortgage approvals is great news for first-time buyers
The number of mortgages approved in the UK hit a four-year high in December, largely driven by continued low interest rates. News that the Bank of England is keeping interest rates at their current level of 0.75%, suggests that this trend is set to continue.
Banks approved 46,800 mortgages in December 2019. This marks a 6.3% rise from the previous month and puts mortgage approvals at their highest rate since 2015.
In addition to low interest rates, competition between lenders has stimulated the market. Mortgage providers are increasingly trying to compete with each other to offer the best rates to borrowers.
The results of the recent General Election and the certainty it afforded has boosted the property market and renewed confidence amongst both buyers and sellers.
The increase in the number of mortgage approvals is positive news for prospective buyers, particularly those looking to get on the property ladder for the first time.
Stephen Ludlow, Chairman at ludlowthompson, says: “These high approval rates are yet another encouraging sign for the property market, which has proven remarkably resilient.”
“With interest rates now predicted to stay lower for longer, buyers should take advantage.”
ludlowthompson maintains its transparency by encouraging customer reviews across a number of platforms. Over a three-year period, we ranked number 1 agent in the UK on allAgents out of 15,000+ agents, with 5300+ 5* reviews. Here is a selection of recent reviews of happy customers of ludlowthompson via Google Reviews:
Andrew Simpson via Google Review:
“Ludlowthompson have been assisting us with a house purchase in the East Dulwich area. So far we have been really impressed with the service provided.”
Martin Xu via Google Review:
“As a first-time buyer, I would whole-heartedly recommend ludlowthompson.”
These high approval rates are yet another encouraging sign for the property market, which has proven remarkably resilient
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