“Although we have seen a real uplift across the sector since the start of the year, recovery can come with ups and downs along the way.”
– Nathan Emerson, CEO of Propertymark
Net mortgage approvals for house purchases totalled 60,000 in May, down from 60,800 in April, according to the latest Money and Credit statistics from the Bank of England.
Approvals for remortgaging with a different lender also saw a slight decrease, from 29,900 in April to 29,600 in May.
The data shows that individuals borrowed, on net, £1.2 billion of mortgage debt in May, down from £2.2 billion in April.
The annual growth rate for net mortgage lending rose to 0.3% in May, after a rise to 0.2% in April (the first rise in the growth rate since October 2022).
Gross lending increased for the fourth consecutive month to £22.2 billion in May, up from £21.1 billion in April, while gross repayments saw an increase of £1.2 billion over the same period to £20.5 billion.
Nathan Emerson, CEO of Propertymark, commented: “Although we have seen a real uplift across the sector since the start of the year, recovery can come with ups and downs along the way. With the general election now only days away, we are keen to see more detailed plans and timeframes from any incoming government regarding support for buyers across the coming weeks. Propertymark also remains hopeful once conditions are right, we will witness a reduction in the base rate too.”
