The number of mortgages approved for house purchase in the United Kingdom decreased to 63,728 in November 2018, the lowest number since April, down from an upwardly revised 66,709 in the prior month. Markets had expected a softer drop to 66,500. Meantime, approvals of loans secured on dwellings for remortgaging went down to 48,589 in November from a downwardly revised 49,202 in October while those for other purposes rose slightly to 14,355 from an upwardly revised 14,119. Mortgage lending increased by GBP 3.45 billion in November, missing market consensus of a GBP 3.96 billion gain. Mortgage Approvals in the United Kingdom averaged 84.64 Thousand from 1986 until 2018, reaching an all time high of 151.80 Thousand in May of 1988 and a record low of 26.30 Thousand in November of 2008.
Mortgage Approvals in the United Kingdom is expected to be 70.10 Thousand by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Mortgage Approvals in the United Kingdom to stand at 85.40 in 12 months time. In the long-term, the United Kingdom Mortgage Approvals is projected to trend around 97.60 Thousand in 2020, according to our econometric models.