British banks approved 39,980 mortgages for new house purchase in March 2019, more than 39,207 in the previous month and market expectations of 38,700, revised data from trade association UK Finance showed. It was the highest reading in nine months and up by 6 percent from a year earlier. Also, approvals of loans secured on dwellings for remortgaging increased to 29,448 from 27,222 in February and those for other purposes went up to 8,815 from 8,615. Consumer credit grew by 4.1 percent year-on-year, the strongest since June last year. Mortgage Applications in the United Kingdom averaged 50890.86 Units from 1997 until 2019, reaching an all time high of 92331 Units in March of 2002 and a record low of 17562 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.