The number of mortgage approvals for house purchase in November rose to an eight-month high of 67,505, compared to the average of 64,178 over the previous six months, according to the Bank of England.
The number of approvals for remortgaging was 45,683, compared to the average of 42,664 over the previous six months.
Meanwhile, the number of approvals for other purposes was 13,219, compared to the average of 12,794 over the previous six months.
Richard Pike, Phoebus Software sales and marketing director, said: “Good news at the beginning of the year comes from the Bank of England in the form of increased approvals towards the end of 2016. There still appears to be an appetite to buy or remortgage despite all the uncertainty that has come over the last year.
“As we head into a new year, and further changes come into effect for buy-to-let, it is difficult to predict how the overall market may be affected. Nevertheless the consistent low interest rates and new deals from lenders is likely to keep the rest of the market buoyant, at least until March when the next wave of economic uncertainty comes in the form of Article 50.”
“These figures highlight that the housing market was continuing to gather momentum as we moved into the last month of 2016, with consumer appetite remaining strong,” said Matt Andrews, managing director of Bluestone Mortgages.
“The problem, however, is that many people are still struggling to get access to mortgages. Contractors, the self-employed, and those with adverse credit histories do not always fit traditional lending criteria and are often ruled out by automatic credit scoring.
“This is hugely unfair. These customers are most in need of a personalised underwriting experience to ensure the nature of their situation is fully understood before any lending decisions are made. It is therefore the responsibility of lenders and brokers to take applications on a case-by-case basis in order to ensure these customers are rightfully served.”
