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New house loans moderate but still 20% higher than a year ago

24 Dec 2015

Figures released by the British Bankers Association (BBA) yesterday showed that although new mortgage approvals in November were lower than October, they are still 20% higher than last November. Similarly, re-mortgage approvals were also slightly down on October, but were still 31% higher than a year ago

These figures also coincided with the Halifax House Price Index showing a modest fall of 0.2% in the average house price from last month

However, the fundamental upward pressures on prices still remain. Gross mortgage borrowing has risen steadily since November 2008, and is still trending upward. Moreover, the combination of historically low interest rates and the acute housing shortage will trump most issues - despite the government's measures to increase new house building, this will take several years to start influencing prices

Go Global Student also feel that the recent 3% increase in stamp duty for most residential investment properties will not significantly affect the market. The fact that it is a one-off tax, in the context of an average 9% rise in UK house prices per year over the past 50 years, means that investors will still find the market hugely attractive

For the full BBA release click here, then download the November release


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