Mortgage data signals busy times ahead for agents as approvals rise
Estate agents could be set for a busy few months after Bank of England data showed a boost in mortgage approvals at the end of 2019.
Banks approved 67,241 mortgages for house purchase in December, up 2.6% on a monthly basis and above the six-month average of 65,918.
The net value of mortgage borrowing also increased from £4.2bn to £4.6bn between November and December.
Commenting on the data, Sam Harhat, head of financial services at Andrews Property Group, said: “December was yet more proof that people refused to let politics put their lives on hold in the latter stages of 2019.
“If the market was defined by anything last year, it was pragmatism, and this showed through unequivocally in December.
“January has followed in much the same vein, with the new climate of political certainty unleashing a lot of pent-up demand.
“We’re expecting mortgage transactions to continue to pick up during the Spring, with the aspirational buyers that have been missing for so long taking up the slack.
“Many would-be buyers and sellers who have played it safe in recent years look set to make their move in 2020.”