UK mortgage lending was robust in November 2016 with 126,407 approvals worth £20.4bn. A total of 67,505 loans were approved for house purchase, up from an average of 64,178 over the previous six months. And 45,683 loans were approved for remortgaging compared to 42,664 in the previous six months.
Paul Hollingsworth, UK economist at research consultancy Capital Economics, said the results were weaker than expected but showed UK bank lending was robust. He said: “November’s UK money and credit figures provided a further sign that bank lending has not taken a significant hit from the Brexit vote. “Admittedly, the rise in mortgage approvals from 67,371 in October to 67,505 in November was weaker than the consensus expectation of an increase to 68,500. But it was still higher than the average over the past six months and corroborates survey evidence suggesting that new buyer demand is returning to the housing market, following a lull in the months surrounding the referendum.”