British banks approved 38,505 mortgages for new house purchase in September of 2018, fewer than a downwardly revised 39,241 in August and below market expectations of 39,000. It is the lowest reading in six months and down by 6.7 percent from a year earlier, data from trade association UK Finance showed. Approvals of loans secured on dwellings for remortgaging fell to 27,874 from 30,838 in August, and the number of approvals for other purposes declined to 8,613 from 8,938. Net mortgage lending decreased by GBP 1.550 billion in September, compared with GBP 1.671 billion in August. Mortgage Applications in the United Kingdom averaged 51167.66 Units from 1997 until 2018, reaching an all time high of 92480 Units in March of 2002 and a record low of 17241 Units in November of 2008.
Mortgage Applications in the United Kingdom is expected to be 47600.00 Units by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Mortgage Applications in the United Kingdom to stand at 48900.00 in 12 months time. In the long-term, the United Kingdom UK Finance Mortgage Approvals is projected to trend around 52600.00 Units in 2020, according to our econometric models.