The number of mortgages approved for house purchase in the United Kingdom increased to 67,306 in July 2019 from an upwardly revised 66,506 in the previous month and above market expectations of 66,167. That was the greatest number of mortgages approvals since July 2017. Also, approvals of loans secured on dwellings for remortgaging went up to 47,430 from 47,110 in June while those for other purposes dropped to 13,882 from 14,536. Net mortgage lending rose by GBP 4.611 billion in July, the biggest increase since March 2016 and above market consensus of a GBP 3.70 billion gain. Mortgage Approvals in the United Kingdom averaged 84.27 Thousand from 1986 until 2019, reaching an all time high of 151.80 Thousand in May of 1988 and a record low of 26.35 Thousand in November of 2008.
Mortgage Approvals in the United Kingdom is expected to be 65.40 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 74.50 in 12 months time. In the long-term, the United Kingdom Mortgage Approvals is projected to trend around 80.00 Thousand in 2020, according to our econometric models.