British banks approved 39,403 mortgages for new house purchase in November 2018, up 0.2 percent from last year and marking the first annual rise in approvals since September 2017, data from trade association UK Finance showed. November's figures were still down from 39,640 in the previous month and compared to market expectations of 38,900. Approvals of loans secured on dwellings for remortgaging fell to 27,404 from 28,092 in October, and the number of approvals for other purposes declined to 8,107 from 8,507. Net mortgage lending went up to GBP 1.562 billion in November, compared with GBP 1.492 billion in the previous month. Mortgage Applications in the United Kingdom averaged 51072.24 Units from 1997 until 2018, reaching an all time high of 93541 Units in March of 2002 and a record low of 17159 Units in November of 2008.
Mortgage Applications in the United Kingdom is expected to be 42600.00 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.