British banks approved 42,384 mortgages for new house purchase in May 2019, up 8.7 percent from a year earlier, but below an over two-year high of 42,898 reported in the previous month, revised data from trade association UK Finance showed. May’s figures compared to market expectations of 43,200. Approvals of loans secured on dwellings for remortgaging declined to 28,787 from 30,810 in April while those for other purposes rose to 9,161 from 8,927. Consumer credit grew by 4.1 percent year-on-year, following a 3.8 percent gain in the prior month. Mortgage Applications in the United Kingdom averaged 50837.63 Units from 1997 until 2019, reaching an all time high of 92431 Units in March of 2002 and a record low of 17275 Units in November of 2008.
Mortgage Applications in the United Kingdom is expected to be 45400.00 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 49500.00 in 12 months time. In the long-term, the United Kingdom UK Finance Mortgage Approvals is projected to trend around 54400.00 Units in 2020, according to our econometric models.