British house loans hit 20-month high

The number of British house purchase loans hit a 20-month high in December, according to the Bank of England.

The Bank’s latest lending figures, according to an article on the Royal Institute of Chartered Surveyors (RICS) website, show that 122 000 loans were taken out for house purchase in December, up from 116 000 in November and well above the 106 000 average recorded over the previous six months.

The total was 50,6% higher than the 81 000 recorded in December 2004 and 60,5% higher than the low point reached in November 2004 (76 000). The December figures were the highest recorded since May 2004 (also 122 000).

The British Banking Association’s latest figures show that 51 233 mortgages were approved for house purchase in December, a 27,9% increase on the same month in the previous year.
Loading comments
More news articles
Guidelines to securing a home loan
29 May 2018
Many young South Africans are working hard to achieve their dream of purchasing their first home. However, the process can be challenging due to the daunting application process, which can take up to 2 years and is often enough to discourage prospective buyers.
read more
Things you should consider before upgrading to a new home
23 Apr 2018
The thing about the property ladder is that at some point in our lives we all have reason to want to climb a rung or two higher. Sometimes, it’s because we’ve outgrown our previous dream home, or because we want to be in a better neighbourhood that’s closer to work or to schools. Sometimes it’s because our circumstances have changed, and we’re taking care of elderly parents or relatives. Sometimes, it’s just because we want a property that reflects the financial status our hard work has won.
read more