The number of mortgages approved for house in the United Kingdom decrease to 65,409 in May of 2019 from a downwardly revised 66,045 in the previous month and below market expectations of 65,600. Meanwhile, approvals of loans secured on dwellings for remortgaging fell to 46,706 from 48,945 in April while those for other purposes went up to 14,748 from 14,425. Mortgage lending rose by GBP 3.102 billion in May, the weakest since April 2017 and missing market expectations of a GBP 4.10 billion gain. Mortgage Approvals in the United Kingdom averaged 84.35 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 70.20 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 77.90 in 12 months time. In the long-term, the United Kingdom Mortgage Approvals is projected to trend around 87.60 Thousand in 2020, according to our econometric models.